Ferrari has announced its first fully electric vehicle and a new carbon-neutral factory in Italy, marking a significant shift in its strategy.
The iconic Italian luxury sports car manufacturer plans to release its first fully electric vehicle (EV) in late 2025, with a whopping €500,000 price tag.
This signals a significant shift in strategy for the brand known for its powerful petrol engines with their distinctive throaty roar, and sophisticated designs.
The company has also announced the establishment of a state-of-the-art factory in Maranello, Italy, dedicated to the production of this groundbreaking vehicle. The factory, described as a ‘carbon-neutral facility’, underscores Ferrari’s commitment to environmental sustainability and technological innovation. It will allow Ferrari to increase production to 20,000 vehicles per year. It sold some 14,000 last year, so it’s a step up.
The new electric vehicle is slated for release in 2025. Though Ferrari has yet to release detailed specifications, the CEO hinted that the vehicle will combine the latest in electric drivetrain technology with groundbreaking aerodynamic design.
Ferrari’s CEO, Benedetto Vigna, assured enthusiasts and investors alike that the new EV would retain the brand’s legendary performance and driving pleasure. “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,” Vigna said. “And I have been happy to add my own technology knowledge, experience and network to the truly impressive work of the team, since the day I arrived.”
Benedetto Vigna, CEO of Ferrari
The decision to enter the EV market marks a pivotal moment for Ferrari, which has historically been synonymous with high-revving V8 and V12 engines. The shift reflects the growing consumer demand for electric options and increasing regulatory pressure on automakers to reduce carbon emissions. Ferrari’s move into electric vehicles is part of a broader strategy to diversify its portfolio and reduce its environmental footprint.
The new factory, which Ferrari has dubbed ‘E-Factory’, will be a central hub for the development and production of the new electric vehicles. The facility will house advanced research labs, a battery assembly unit and several production lines dedicated to the manufacture of electric drivetrains.
Environmental sustainability is a key focus of the E-Factory. Ferrari has committed to using renewable energy sources to power the facility and aims for it to be a zero-emission site. The company also plans to integrate green spaces and use sustainable materials in the construction of the factory.
Industry analysts have reacted positively to Ferrari’s announcement, predicting that the company’s entry into the EV market could be a game-changer. While Ferrari is a relatively late entrant to the electric vehicle sector, its strong brand identity and engineering expertise are expected to give it a competitive edge.
The Ferrari Purosangue (which means thoroughbred) is the company’s first SUV and has been well received.
The luxury car maker has been careful to stress that the introduction of EVs will not come at the expense of its traditional models. Ferrari plans to continue producing its high-performance internal combustion engine vehicles while expanding its lineup to include hybrids and fully electric cars.
Ferrari’s venture into the electric vehicle market represents not just a significant shift for the company but also an important moment for the high-performance automotive industry. The upcoming electric vehicle is expected to incorporate Ferrari’s signature blend of style, speed and technology, appealing to both loyal patrons and a new generation of environmentally-conscious consumers.
