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Well well well… how the tables have turned, it wasn’t so long ago that Ferrari said something along the lines “going fully electric would be selfish”, with the brand wanting to keep serving its customers with “models they would want, not models exclusively EV imposed on them”. Well now Ferrari is embarking on a groundbreaking journey into the realm of electric vehicles. CEO Benedetto Vigna recently unveiled the company’s ambitious plans to introduce its first fully electric vehicle in late 2025. Promising an experience as unique as its iconic combustion engines, Ferrari aims to redefine the electric car market with unparalleled craftsmanship and innovation.
To support its electric ambitions, Ferrari is gearing up to inaugurate a new production site in Maranello, Italy. Scheduled to commence operations in June, this facility will spearhead the manufacturing of electric motors, battery packs, and power inverters. This strategic move underscores Ferrari’s commitment to pioneering sustainable luxury without compromising on performance or design.
Foreseeing a monumental shift in consumer preferences, Ferrari anticipates that 60% of its sales will stem from fully electric and hybrid vehicles by 2026. This bold projection reflects the company’s determination to carve out a significant market share with a dazzling array of high-performance electric supercars. Vigna, in an interview with CNBC’s “Squawk Box Europe,” emphasized Ferrari’s unwavering focus on delivering superior performance, captivating design, and an exhilarating driving experience within its EV lineup.
Contrary to popular belief, Ferrari asserts that electric cars need not be silent. With a keen eye on preserving the emotional connection with its clientele, Ferrari’s engineers are diligently crafting “sound signatures” for its EVs. These evocative soundscapes aim to elicit the same visceral response traditionally associated with Ferrari’s roaring combustion engines, ensuring that each ride remains a symphony of power and passion.
Amidst its electrifying transformation, Ferrari continues to soar on the financial front. Buoyed by a stellar performance in 2023, which saw a 34% surge in annual net profit surpassing 1 billion euros, the company’s shares have skyrocketed, enjoying a remarkable 29% increase year-to-date in 2024. However, as the stock reaches dizzying heights, research firm CFRA recently downgraded Ferrari’s rating to hold from buy, citing concerns over its valuation amidst a “massive run-up.”
As Ferrari navigates the intersection of tradition and innovation, it remains steadfast in its commitment to delivering unparalleled luxury and performance in the electric era. With its pioneering spirit and unwavering dedication to craftsmanship, in classic Ferrari fashion, I would say the brand is poised to come up with one of the greatest EV lineups we’ve seen so far, proving that the thrill of driving knows no bounds, whether propelled by combustion or electrons. As the world eagerly awaits the dawn of Ferrari’s electric revolution, one thing is certain – the future of luxury has never looked more electrifying.
