HomeTechnologyFerrari’s First EV Will Reportedly Cost a Fortune

Ferrari’s First EV Will Reportedly Cost a Fortune

Famed Italian carmaker Ferrari announced back in August that it plans to start producing electric vehicles. Now, media outlet Reuters has brought more information about the project and cited sources on the likely cost of the Ferrari EV.

According to sources that spoke with Reuters, the Ferrari’s first electric car will be priced at €500,000 ($535,340). This will likely be the base price and won’t include additional features or personal modifications, which are known to drive up the cost of owning a Ferrari significantly. For comparison, petrol Ferrari cars are being sold for $376,000 on average so far in 2024.

Reuters also adds that Ferrari plans to open a plant in Maranello, Italy, which will become operational at some point in 2024 and produce Ferrari’s EVs as well as hybrid models. The company’s car production is expected to spike up to 20,000 units as a result.

Ferrari, which declined to comment on Reuters’ report, previously said that it plans to release its first EV model in late 2025. The company also plans to make 60% of its offer “split between fully electric and hybrid cars” by 2026 and be carbon neutral by 2030.

“The first electric Ferrari will be rooted in our racing heritage and will draw from a broader technical reservoir while preserving all its authenticity and consistency,” Ferrari CEO Benedetto Vigna said back when Ferrari’s plans to make EVs were first announced.

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