Ferrari, the renowned Italian luxury car manufacturer, is set to introduce an electric vehicle (EV) priced over $500,000, as reported by Reuters. This move into the EV market comes despite many consumers preferring cheaper hybrid or diesel options, with an AAA survey indicating 63% are unlikely to buy an EV due to high costs and insufficient charging infrastructure.
Ferrari, however, appears confident that its high-end EVs will attract the affluent market. Priced at 500,000 euros ($535,000), the new electric model will be significantly more expensive than Ferrari’s average first-quarter sale price of 350,000 euros ($376,000). Studies show that EV buyers typically have higher incomes, with most earning over $100,000.
The company is also opening a new plant in Maranello, Italy, dedicated to producing the electric model alongside petrol and hybrid vehicles. Ferrari CEO Benedetto Vigna has assured that this state-of-the-art facility will provide the necessary flexibility and technical capacity for future needs.
Ferrari’s first EV is expected to launch by late 2025. This strategic move contrasts with other automakers who are lowering EV prices to stimulate demand.
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