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Ferrari NV‘s (NYSE:RACE) first electric car expected to roll out in 2025 will reportedly cost at least €500,000 ($536,567), much higher than Porsche’s electric Taycan.
What Happened: The Italian luxury automaker is set to launch its first electric car in late 2025, with a price tag of at least €500,000 ($536,567) without any personalization, Reuters reported, citing a source familiar with the matter. This is a significant premium over the average sale price of around €350,000 for a Ferrari in the first quarter of this year.
The new electric vehicle (EV) is expected to be manufactured at a new plant in Maranello, northern Italy, which is set to open on Friday. The plant, also known as the e-building, will eventually allow the increase of production capacity to around 20,000 vehicles, from the fewer than 14,000 cars delivered last year. It will be fully operational in three to four months, the unnamed source told Reuters.
Ferrari is also developing a second EV model though the process is still in its early stages, they added.
The High Price Point: Deliveries of Tesla’s upcoming second-generation Roadster is expected to start in 2025. The vehicle, Tesla said at the time of unveiling, will be priced between $200,000- $250,000.
Porsche’s electric Taycan, meanwhile starts at around €100,000 ($107,292).
The price point of nearly $500,000 hints that Ferrari’s EV will be highly exclusive and limited to a niche population. Most other mass market EV makers including Tesla, in contrast, are attempting to make cheaper EVs to beat waning demand.
Ferrari Financials: Ferrari reported fiscal first-quarter 2024 sales growth of 11% year-on-year to $1.72 billion (€1.585 billion) in May, beating the analyst consensus of $1.71 billion (€1.572 billion). Total shipments remained firm at 3,560 units. Earnings per share of €1.95 beat the consensus estimate of €1.85.
Ferrari expects fiscal 2024 net revenues of over €6.4 billion and adjusted earnings per share (EPS) of a minimum of €7.50.
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