Ferrari is about to launch its first electric car model with a selling price of more than 500,000 USD

According to Reuters, the famous Italian car brand is ready to release a new electric car model by the end of 2025, targeting customers who are super-rich drivers - those who are willing to pay a large sum of money to own a luxury electric car. Ferrari believes that its products will have a separate potential customer base, even in the context that many car companies are forced to narrow down their electric car development plans, when market demand shows signs of slowing down.

The expected price of an electric Ferrari is higher than the average price of a Ferrari or other luxury car with an internal combustion engine, which starts at 350,000 euros, and does not include the additional cost of 15-20% for features and personalization requested by the buyer.

For comparison, currently in a lower-end segment, the Porsche brand's Taycan electric car is being sold with a starting price of around 100,000 euros.

The new factory will be built in the southern Italian town of Maranello, according to the unnamed source. The expansion will boost Ferrari’s production capacity to around 20,000 cars a year, significantly more than the nearly 14,000 cars the company successfully delivered to customers in 2023.

One of the reasons Ferraris are so expensive is because of the “exclusivity” of the brand. There are very few Ferraris on the market. Many customers have to wait up to two years to receive a Ferrari they have ordered. So any increase in production comes with risks.

But Fabio Caldato, portfolio manager at AcomeA SGR, a Ferrari shareholder, is confident that demand for Ferraris is growing and that increasing production capacity will help the company meet some of that demand without compromising its inherent exclusivity.

Ferrari's new Maranello factory includes a new vehicle assembly line capable of simultaneously producing gasoline, hybrid, electric and some hybrid and electric vehicle components. The factory is expected to be fully operational within the next three to four months.

The Italian luxury carmaker is also developing a second electric vehicle, the source added. The development is still in its early stages, and the company may not want to ramp up total production to the maximum of 20,000 vehicles per year, at least in the short term.

Furthermore, any increase in production will be accompanied by an increase in the number of models, as Ferrari will adhere to a policy of keeping production low for any model within a certain limit, no matter how successful.