The world is changing, and its shift to clean energy is also dawning on renowned luxury and performance car makers, including the Italian household name Ferrari, which will soon launch its first fully electric vehicle. However, as the company is making this massive shift, do not expect its prices to lower in its new electrified state, as its new price tag was recently unveiled. 

Luxury cars have always been the passion of many to drive, enjoy, and own, and soon, they will be available as EVs, but at what cost? 

Ferrari's 1st Fully Electric Vehicle is Launching Soon

Reuters reported that Ferrari is nearing the launch and debut of its first electric vehicle in the market. Its inaugural car offers the first clean energy luxury and performance featuring the famed horse badge. The company is currently preparing its plant that will head the production line for this new electric vehicle, one that would help boost its manufacturing by a third. 

This new vehicle remains unknown, but it points out Ferrari's claim in previous years regarding its electrification program that the first EV will arrive by 2025. 

Read Also: Ferrari Makes an SUV-Purosangue Debuts with V12 Engine, Coach Doors

Ferrari's EV Price Revealed: Whopping Tag on EV

Alongside this latest report is a source claiming that it would cost no less than 500,000 euros or $535,000, and this is still the base purchase of the car without any of the add-ons and such. Its price tag alone is more than what other electric vehicle companies ask for their vehicles, particularly with its rival, Lamborghini, who is close to launching the Lanzador, which is estimated at $200,000 to $300,000 only. 

Ferrari's Development of Its Luxury Cars

For many years, Ferrari has worked on internal combustion engine (ICE) powered vehicles, which have been the company's signature development since its early days. However, they have also considered making a massive switch towards electrification, previously developing a signature noise for its EVs that would replicate the roar of an ICE.

While Ferrari has been focused on ICEs this entire time, the company still plans to adopt electrification for its cars, looking at long-term projects for future releases. In 2022, Ferrari revealed that it invested as much as $4.6 billion in the electrification of its luxury cars, with its fruition coming by 2026. As many as 16 models already use electric motors and rely on batteries. 

Two years after Ferrari revealed its plans, the company is now the focus of reports behind its EV project that would soon be unveiled to the world, which is expected for next year. The latest scoop claims that Ferrari's first EV will cost as much as $535,000, a massive price for the luxury electric vehicle that is significantly more than its competitors now. 

Related Article: Ex-Lamborghini, Ferrari Execs to Develop Electric Supercar! AEHRA Reveals Look