Ferrari revealed plans to deliver its first electric vehicle by 2025, with the goal of becoming carbon neutral by 2030.
The battery-electric supercar will set the tone for Ferrari's future EVs, said CEO Benedetto Vigna on Thursday from the company's headquarters in Maranello, Italy.
By 2026, the Italian luxury manufacturer expects hybrid and fully electric vehicles to account for 60% of its sales. Ferrari anticipates that the percentage will rise to 80% by the end of the decade.
Ferrari already has four hybrid cars on the market. The first nameplate, the 1,000-horsepower, $513,000 SF90 Stradale plug-in hybrid, debuted in 2019, building on the brand's Formula 1 racing history. Maranello will produce electric motors and battery modules for its future EVs.
Ferrari is one of the last in its ultra-rarefied sector to show an electric vehicle. Bugatti, Bentley, Lamborghini, Rolls-Royce, Aston Martin, and McLaren all want to transition to all-electric vehicles by the end of the decade.
They all confront the same difficulty of retaining brand distinctiveness while transitioning from a history of large combustion engines to battery packs. How will they entice customers? Spoiler alert: It will not be range. Most ultra-luxury companies will most likely stress the EV's greater acceleration and environmental credentials in their marketing messages.
Ferrari claims that its own EV will be distinguished by its weight, sound, engine power density, and emotional experience. The 75-year-old firm stated that it will stick to its long-held principle of preserving exclusivity.
"At Ferrari, we always provide one car fewer than what the market requires," Vigna stated on Thursday. "I can guarantee you that nothing will change."
The company intends to build its EVs through smart collaborations that will offer access to technologies while without jeopardizing Ferrari's bottom line. The difficult economics of building an EV makes it difficult for low-volume automakers like Ferrari to justify investing $1 billion to $2 billion to produce a battery-electric vehicle from the ground up.
Ford and Volkswagen are investing tens of billions of dollars to strengthen their battery-electric lines. Meanwhile, a spate of EV manufacturers that went public through mergers with SPACs but have yet to produce revenue is struggling to get capital.
Electric Last Mile Solutions declared bankruptcy on Monday after attempting to build a commercial EV. Faraday Future has also stated that it does not presently have the funds to manufacture the mass-market sedan that is set to accompany its much-anticipated FF 91 sports vehicle.
Ferrari also announced Thursday that its first SUV, the V12-powered Purosangue, will be unveiled in September. The SUV is slated to hit the market early next year, with a starting price of roughly $300,000. I guess this is another highly anticipated SUV that will probably hit the market before the Tesla Cybertruck. At least, we have the Cyberbackpack to keep us company for now.
If the success of the Lamborghini Urus SUV is any indication, the Purosangue from Ferrari would be a monster hit with the well-to-do crowd. I for one would not mind giving it a test drive. However, I cannot see myself going back to a petrol-burning vehicle even if it happens to be a Ferrari.