Ferrari CEO Benedetto Vigna unveiled the luxury carmaker’s plans to introduce its first fully electric vehicle by the end of 2025. Vigna expressed confidence that the new electric car will not only match the performance of its iconic combustion engines but also deliver an unparalleled driving experience. Emphasizing that electric cars do not have to be silent, Vigna assured potential buyers that Ferrari’s EV range will preserve the emotion and excitement associated with the brand.
To support its foray into electric vehicles, Ferrari will inaugurate a new production facility in Maranello, Italy, in June. This site will be dedicated to manufacturing electric motors, battery packs, and power inverters for the upcoming electric cars. Ferrari aims to transition towards a future where 60% of its sales will be comprised of fully electric and hybrid vehicles by 2026. This strategic shift underscores the company’s commitment to staying competitive in the evolving automotive landscape.
While traditional electric powertrains operate quietly, Ferrari’s engineers are exploring the concept of incorporating “sound signatures” into its electric vehicles to replicate the distinctive roar of its combustion engines. This initiative seeks to maintain the brand’s heritage and appeal to enthusiasts who appreciate the visceral experience of driving a Ferrari. By integrating advanced technology with a nod to tradition, Ferrari aims to set itself apart in the electric vehicle market.
Ferrari’s stock has experienced strong growth, with shares surging nearly 29% year-to-date in 2024 following a 59% increase in 2023. The company achieved record earnings last year, surpassing 1 billion euros in annual net profit for the first time. Despite its impressive financial performance, research firm CFRA recently downgraded Ferrari’s stock, citing concerns about its current valuation. While acknowledging Ferrari’s market position and strong fundamentals, CFRA highlighted the need for caution amid the stock’s rapid appreciation.
Ferrari’s venture into electric vehicles represents a significant shift for the legendary automaker. By combining innovation with a commitment to performance and design, Ferrari aims to redefine the electric car experience. With its upcoming electric vehicle launch and strategic production initiatives, Ferrari is poised to captivate luxury car enthusiasts and expand its market presence. As the automotive industry continues to evolve, Ferrari’s electrification journey promises to shape the future of high-performance electric supercars.