Ferrari is set to make history with the launch of its first fully electric vehicle (EV) in October, marking a significant shift from its long-standing tradition of producing high-performance cars powered by roaring petrol engines, Reuters news report said.
The luxury sports car manufacturer confirmed that the much-anticipated EV would be unveiled at a capital markets day on October 9 at its headquarters in Maranello, Italy. CEO Benedetto Vigna emphasized that the model would be introduced in a “unique and innovative way” but refrained from sharing further details.
The introduction of Ferrari’s EV aligns with the company’s strategy to expand its product lineup, as it plans to roll out a total of six new models in 2024. Despite challenges such as shifting U.S. policies under a possible Trump administration and the risk of global trade conflicts, Ferrari remains confident that its plans will remain unaffected.
The company began incorporating hybrid technology into its offerings in 2019, and hybrid models accounted for 51 percent of Ferrari’s total sales in 2023, demonstrating a growing demand for electrified performance cars.
Financially, Ferrari continues to thrive, with its 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA) forecasted to rise to at least 2.68 billion euros ($2.77 billion), up from 2.56 billion euros in 2024.
The company attributes its strong performance to a combination of high demand, an attractive product mix, and effective pricing strategies, leading to a 12 percent increase in EBITDA for 2024. As a result, Ferrari’s Milan-listed shares surged by 7.6 percent at 1600 GMT on Tuesday.
Personalization remains a key revenue driver for Ferrari, with customers frequently opting for bespoke features such as customized paint jobs, liveries, and carbon fiber elements. These personal touches contributed approximately 20 percent of total revenue in 2024, up from 19 percent the previous year. CFO Antonio Picca Piccon projected that this trend would continue in 2025, reinforcing Ferrari’s strategy of catering to its high-net-worth clientele who seek exclusivity and individuality in their vehicles.
An increase in deliveries to the United States further bolstered Ferrari’s financial results for 2024, though the company has no plans to accelerate shipments in anticipation of potential tariffs. Last year, Ferrari delivered a total of 13,752 cars, just 89 more than in 2023, as it maintains a controlled production strategy to preserve exclusivity. The company also upholds a 10 percent cap on deliveries to China, a market where EVs are particularly popular due to lower taxes on electric vehicles compared to petrol-powered cars.
Ferrari sees significant potential for its upcoming EV in China, given the country’s strong preference for electric mobility. However, any potential adjustments to Ferrari’s current sales cap in the Chinese market will be announced at the capital markets day in October. This event is expected to provide further insights into Ferrari’s electric strategy, solidifying its commitment to innovation while maintaining the prestige and performance that define the brand.