Ferrari names its price for its first EV

Ferrari names its price for its first EV

Ferrari electric car

Ferrari is gearing up to launch its first electric vehicle, but those interested will have to dish out a pretty penny, just like the rest of its vehicles.

Ferrari is known for building some of the fastest, most luxurious, and most beautiful vehicles in the world. Since EVs have become a mainstream idea and more automakers have decided to manufacture them in line with climate goals and consumer interest, Ferrari has always hinted that it would eventually build an EV of its own.

It has already started making preparations for it, too. It started transitioning its Maranello factory to build EVs, and in 2022, it had already planned to make one of the production lines fully-dedicated to electric cars.

It also planned to have 40 percent of its sales be fully electric by 2030.

Now, it has moved closer to launching its first EV, and Ferrari has reportedly already landed on a price: at least €500,000, or $535,000.

According to a report from Reuters, sources said Ferrari has landed on the massive price tag for its introductory EV and will build it at a new production facility near Maranello called the e-building.

The new assembly line that will build EVs can also build gas-powered and hybrid vehicles, and will be fully operational in three to four months, the source said.

It’s not the only thing Ferrari has in the works, either. According to the report, a second Ferrari EV is also under development, but it is in the early stages.

The vehicle will be reserved for the uber-rich, something that really is synonymous with the brand. Very few people have Ferraris, and those who do, have the income available to buy, maintain, and store such an exclusive and rare vehicle.

In fact, owning one of the vehicles is not the only way to gain some sort of notoriety. According to Fabio Caldato, a portfolio manager at AcomeA SGR, a Ferrari shareholder, something as simple as being on the waitlist for one of its vehicles is “in itself a status symbol.”

Ferrari has already given a nod to Tesla for what it has done to the automotive industry. CEO Benedetto Vigna said Tesla gave the sector “a wake-up call.”

“Things used to happen too slowly. Tesla shook up the industry and accelerated processes and decisions. They were faster and more agile,” he said.

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