Ferrari EV could cost over $500,000

Ferrari's annual production capacity could increase with the new factory, which will produce EVs, hybrids and ICE models.

Published On Jun 19, 2024 06:28:00 PM

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Luxury carmaker Ferrari will reveal its first EV next year, and according to a Reuters report, it is expected to cost over $5,00,000 (approximately Rs 4.17 crore), before options.

While the amount might not seem that high, bear in mind that prices for the Purosangue start at $3,98,350 (Rs 3.32 crore) in the USA and at Rs 10.5 crore in India due to high taxes levied on imported luxury vehicles.

Leaked patents suggest that it is a two-seater that would feature an electric motor on each wheel. Ferrari is also working on its second EV, which is under development.

The carmaker is also gearing up to open a new plant in Italy, which will open this week and be fully operational in 3–4 months. It will be capable of building EVs, hybrids and ICE cars.

The new factory, located in Maranello, northern Italy, will help boost annual production to an estimated 20,000 units.

"There's an increasing demand out there for Ferraris," said Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares. Waiting lists for some models can top two years.

“That is not getting any shorter,” he added, noting an increase in potential wealthy customers in emerging markets, such as India and the Middle East. "Being in the waiting list is in itself a status symbol."

Source: Reuters

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