Ferrari’s First Electric Vehicle: What to Expect and Will Fans Embrace the Change?

Ferrari SF90
Image credit: Ferrari website 

Despite Ferrari's vacillation on committing to electric vehicles, a Reuters report indicates that Ferrari's first dedicated EV will debut late next year with a price tag exceeding $500,000 (around £550,000 / AU$750,000).

Details about the EV’s design remain unclear, whether it will be a high-performance supercar or an SUV like the Purosangue. The new model will be manufactured at Ferrari's new facility in Maranello, northern Italy, called the 'e-building', which will boost production capacity from 14,000 to 20,000 cars annually.

Ferrari plans to keep production volumes low for the new EV to maintain high demand, a typical strategy for luxury brands. Unlike Porsche and Audi, Ferrari is unlikely to become a large-scale electric car producer. Porsche’s Taycan Turbo GT, with its near-1,100bhp and Nürburgring record, sells for around $230,000 (about £190,000 / AU$420,000) and has shorter wait times.

Exclusive Ferrari models typically have long wait times, over two years, which is considered a status symbol. Even with the new EV’s high price, it is modest compared to Ferrari's limited edition SF90XX Spider, which starts at $932,000 (around £733,000 / AU$1.4 million). More exclusive models like the Rimac Nevera and the Pininfarina Battista can cost up to $3 million but are sold in very limited numbers.

Ferrari SUV Purosangue
Image credit: Ferrari website 

Analysis: Will Ferrari fans like to pay for the EV experience?

Ferrari is optimistic about sustaining sales growth into the EV era. Reuters reports that Ferrari is working on a second electric model and continuing its plug-in hybrid developments. However, it remains to be seen if buyers will pay a premium for the Ferrari badge alone, given that EV performance has leveled the playing field. Tesla’s Plaid models, for example, extract significant power from electric motors and large battery packs.

The high-performance EV market now focuses on refining the driving experience. Battery electric vehicles lack the drama of a V12 engine and are heavy, posing a challenge for automotive engineers. Hyundai’s Ioniq 5 N has set a precedent for delivering a more 'authentic' driving experience, and Porsche’s upcoming electric Boxster could be the first true driver’s EV.

Ferrari’s entry into the SUV market did not hurt its brand, as the Purosangue's demand exceeds supply, despite prices easily reaching $400,000 / £400,000 / AU$800,000 with options.