The question of will Ferrari go electric has finally been answered. Amid an investor call on Thursday, June 16, Ferrari is racing headlong into the electric vehicle market with some lofty new goal posts set on building a strong, core EV foothold. The Italian car brand vies to make an avid push into the space through both new "even more unique" models and increased investments that will allow Ferrari to stand out among the rest.
"We believe we can use the electric engine to enhance the performance of our cars," said Bendetto Vigna, Ferrari CEO.
Ferrari's new business plan seeks to leverage the brand's own iconic namesake as a major selling point for its newfound goals. Its first electric model will officially debut by 2025 with an additional 15 new models set for the period between 2023 and 2026. The firm is estimating that by 2025 both fully-electric and hybrid vehicle sales will make up around 5% of its business and by 2030 should reach as much as 30%.
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Ferrari's new business plan seeks to leverage the brand's own iconic namesake as a major selling point for its newfound goals. Its first electric model will officially debut by 2025, with an additional 15 new models set for the period between 2023 and 2026. The firm estimates that by 2025, fully-electric and hybrid vehicle sales will make up around 5% of its business, and by 2030 should reach as much as 30%.
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Ferrari EVs will utilize their custom electric motors developed and built in-house, alongside battery modules, inverters, and more. Vigna noted that the Ferrari electric car business plan would be utilizing a whole new assembly line via its Maranello plant, with non-core components being outsourced from several various partners. The company is investing a total of 4.4 billion euros ($4.6 billion) by 2026 in this new EV development strategy, some of which is going toward research with battery makers in the construction of next-generation high energy density solid-state batteries.
Despite this new era of Ferrari and electric cars, the firm remains committed to its roots. It is seemingly not giving up on its conventional combustible engine business, which accounted for 80% of sales last year. It announced alongside its new EV strategy a forthcoming sports utility vehicle, the first of its kind for Ferrari, boasting a 12-cylinder engine and a Sept. launch date. With an already existing lineup of four hybrid vehicles, Ferrari also is moving to increase that number through forecasts estimating 55% of sales in 2025 to be primarily hybrid models and dipping to 40% by 2030.
Said Ferrari chairman John Elkann amidst the opening remarks on Thursday, "Everything we do will always focus on being distinctly Ferrari. The opportunity set of electrification and electronics will allow us to make even more unique cars."
