Ferrari’s First Ever EV Model Will Come With Alleged $535,000 Price Tag

by Carl Malek | June 20, 2024

Ferrari is preparing to enter the EV wars but its inaugural model will command a hefty price tag with a new report revealing that it will start at over $500,000.

A new report says that Ferrari’s upcoming EV will come with a hefty $535,000 price tag

Ferrari’s first-ever electric car is poised to push the Italian sports car brand into a new era while also closing a chapter on a book where cylinder count and ICE-powered performance were often the proverbial measuring sticks for the performance of a Ferrari model. Ferrari engineers also have a challenge on their hands with the EV especially in the art of making sure it can still deliver world-class performance.

According to a new report, this EV model will also command a hefty price tag when it eventually makes its way into production which would help make it a very rare Ferrari out on the open road.

Potential price tag plays into EV’s bespoke character

Part of the price comes from Ferrari opening up a new assembly line for the EV as well as some of its materials.

The alleged $535,000 price appeared in a report that was published by Reuters with the publication saying it cited a source that was extensively familiar with Ferrari’s EV-related plans. These plans include opening a new plant that will make the unnamed EV with the new facility also boosting Ferrari’s overall rate of production by a third.

The Italian brand said it will launch the model late next year and the firm is confident that its price tag will help it appeal to ultra-wealthy buyers despite other EV makers being forced to reduce prices for their entries due to faltering demand, changing market conditions and persistent supply chain issues. The price tag is also much higher than the cost of some ICE-powered rivals like the Roma and the 296 GTB and doesn’t include any potential optional extras that can bump the price tag up even higher.

Not the first time Ferrari has succeeded with an unconventional model

The last time Ferrari stepped outside of its comfort zone was with the Purosanuge SUV.

While the EV will be pushing Ferrari into uncharted waters, it’s not the first time that the brand has found success outside of sports cars and convertibles. The Ferrari Purosangue SUV was the brand’s first entry into the SUV wars when it launched back in 2022 and while its exterior styling does take some getting used to, it proved to be a successful model for Ferrari and showed that the brand could deliver when presented with a challenge.

“There is an increasing demand out there for Ferraris, and they have room to meet part of it without compromising exclusivity,” said Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Ferrari shares. The waiting list itself is often used as a status symbol by wealthy buyers and Ferrari has strict measures in place to ensure only the right buyers get a spot at the proverbial table. This process does take some time with the waiting list for some Ferrari models being as long as two years.

ICE engines will still play a role in Ferrari models

ICE engines will still play a role in Ferrari products including more hybrid models.

The new factory that Ferrari is building will help give the brand a second assembly line and while the new line will build the EV, it will also be used for the production of gasoline and hybrid-equipped Ferrari models. The report also confirmed that the company is developing a second EV model but it remains to be seen if it will be a Ferrari in the traditional sense or if it will branch out into another vehicle segment like the Purosanuge did.

Ferrari will also face some competition with bitter rival Lamborghini confirming that it plans to begin production of its all-electric model in 2028. The brand is also not in a rush to do so either with CEO Stephan Winkelmann telling Reuters that it wants to make sure it has the right product versus being pressured to get it out to consumers first. In the meantime, Ferrari is focusing on other projects including the recently unveiled 12Cilindri which uses a 6.5 liter naturally aspirated V12 that makes 819 hp and is the best expression of V12 performance ever offered by the company.