Ferrari will produce its first-ever SUV later this year and launch its first EV in 2025 – Vidak For Congress

Ferrari will produce its first-ever SUV later this year and launch its first EV in 2025 – Vidak For Congress 1

Ferrari shared details of its plan to launch its first electric car by 2025 as it aims to become carbon neutral by 2030.

The battery-electric supercar will set the tone for Ferrari’s future EVs, CEO Benedetto Vigna said Thursday at the company’s Capital Markets Day from its headquarters in Italy’s Maranello.

The Italian luxury car maker said it plans to get 60% of its sales from hybrid and all-electric models by 2026. That share will increase to 80% by the end of the decade.

Ferrari already has four hybrid models. The first nameplate, the 1,000 horsepower, $513,000 SF90 Stradale plug-in hybrid, launched in 2019, based on Ferrari’s experience in Formula 1 racing.

The brand’s electric motors and battery modules will be built in Maranello.

Ferrari is one of the last in its ultra-refined segment to unveil an EV. Bugatti, Bentley, Lamborghini, Rolls-Royce, Aston Martin and McLaren plan to go all-electric by the end of the decade.

They face a common challenge to maintain their brand’s exclusivity while transitioning from a legacy of large combustion engines to battery packs. How will they address customers? Spoiler: it will be out of reach. It is more likely that the marketing message of most ultra-luxury brands will emphasize EV’s superior acceleration and environmental friendliness.

Ferrari said its own EV will stand out for its weight, sounds, engine power density and emotional experience. The 75-year-old brand said it will stick to its time-honored philosophy of ensuring exclusivity.

“At Ferrari we always deliver one less car than the market demands,” CEO Benedetto Vigna said on Thursday. “I can assure you that this will never change.”

The company plans to develop its EVs through strategic partnerships that provide access to technology without hurting Ferrari’s bottom line. The challenging economics of developing an EV makes it difficult for small-volume automakers like Ferrari to justify the $1 billion to $2 billion spend needed to build an all-new battery-electric model. .

Major manufacturers like Ford and Volkswagen are investing tens of billions of dollars to support their battery-electric lineups. Meanwhile, a slew of EV makers that have gone public by merging with SPACs that have not yet generated revenue are struggling to find financing.

Electric Last Mile Solutions announced Monday that the company is filing for bankruptcy after attempting to launch a commercial EV. Faraday Future has also warned that it currently does not have enough money to produce the mass-market sedan planned to follow its highly anticipated FF 91 sports car.

Ferrari also said on Thursday it will unveil its first-ever SUV, the V12-powered Purosangue, in September. The SUV is expected to arrive at dealerships early next year with a starting price of around $300,000.

Profitability in the SUV segment is virtually assured thanks to rising consumer demand and high margins. The Purosangue’s closest competitor, the Lamborghini Urus SUV, became the brand’s bestseller shortly after its dealer showroom debut. At Maserati, Ferrari’s sister brand under parent company Stellantis, the first-ever SUV covers 60% of the range.

However, Ferrari said it will keep the Purosangue to less than 20% of its sales mix.

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