Ferrari’s first electric car will cost at least $535,000 (Rs 4.46 crore)

Ferrari’s first electric car will cost at least $535,000 (Rs 4.46 crore), as reported by Reuters citing sources. The luxury automaker is gearing up to open a plant that will manufacture the model, which could boost group production by up to a third.

The Italian brand, famed for its roaring petrol engines, has said it will launch an electric car late next year, and the planned price shows its confidence that ultra-wealthy drivers are ready for it, even as mass-market rivals are slashing electrical vehicle (EV) prices amid faltering demand.

The price tag, which doesn’t include features and personal touches that typically add 15-20%, is well above the average sale price of around 350,000 euros, including extras, for a Ferrari in the first quarter of this year, and many rival luxury EVs.

In a less exclusive segment, Porsche’s electric Taycan starts at around 100,000 euros.

Ferrari did not respond to a request for comment about the price of its first EV, or its new plant which is due to be inaugurated in its hometown of Maranello, northern Italy, on Friday.

The factory – or e-building – is a bold move for the company, which delivered fewer than 14,000 cars last year, as it will eventually allow production capacity to rise to around 20,000, the source said, speaking on condition of anonymity.

Exclusivity underpins the cachet of the brand, and also its high prices, and so any increase in output comes with risks.

However, Ferrari has shown with its Purosangue SUV, launched in 2022, that it can achieve success expanding beyond its traditional two-seat sports cars and grand tourers.

“There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity,” said Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares.

Waiting lists for some models can top two years.

“That is not getting any shorter. Being in the waiting list is in itself a status symbol,” Caldato said, noting an increase in potential wealthy customers in emerging markets, such as India and the Middle East.

(Reuters)