The first electric vehicle (EV) of Ferrari reportedly has a hefty price tag of over $500,000. The luxury automaker is preparing to open a new factory this week in Maranello, a town in northern Italy, that will manufacture the EV model.
Upcoming EV of Ferrari
Reuters, citing an anonymous source, reported Wednesday that the Italian brand also expected the plant's establishment to boost its production by up to a third as it will eventually allow production capacity to increase to about 20,000.
The source noted that the new facility will be inaugurated on Friday, June 21, in the automaker's hometown of Maranello and will be fully operational in three to four months. At its new facility, Ferrari will be able to produce gas-powered and hybrid vehicles and parts for its car models.
Ferrari plans to release the EV in late 2025. Its exorbitant price tag indicates that the automaker seemed confident that ultra-wealthy drivers would still buy it even if mass-market EVs decrease in pricing amid slow demand.
The source noted that the base price of the EV model is at least $535,000. This does not account for the additional 15% to 20% that may be added to the price via customization and add-on options.
Exclusive Status of Ferrari
After the new factory is up and running, Ferrari can increase its manufacturing capacity above from the 14,000 units last year.
Although there is a concern that the increased production may dilute the exclusivity of the Ferrari brand, Fox Business reported that the automaker has successfully expanded beyond its traditional two-seat sports cars with the 2022 launch of the Purosangue SUV.
Fabio Caldato, a portfolio manager at AcomeA SGR, which owns Ferrari shares, told Reuters that there was an increasing demand for Ferraris and that the automaker could accommodate some of it while maintaining its exclusive status.
Some Ferrari cars have more than two-year waiting lists, and Caldato noted that the list is not getting shorter, so being on this list is already a status symbol.
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