Ferrari, the renowned Italian luxury automaker, is set to produce its first electric vehicle, with an expected price tag exceeding $500,000. According to a report by Reuters, Ferrari plans to open a new plant to manufacture the EV model, which is slated for launch in late 2025. Despite the high cost, Ferrari seems confident that the luxury market will not be affected by the evolving landscape of mass-market electric vehicles.
The price of the upcoming Ferrari EV is estimated at a minimum of $535,000, not including additional features and customization that can raise the total price by 15%-20%. This figure significantly surpasses the average sales price of Ferrari vehicles earlier this year, which stood at around $376,000. The move to introduce an electric model aligns with Ferrari’s strategy to meet the increasing demand for their vehicles without compromising exclusivity.
The inauguration of the new plant in Maranello, Italy, will enhance Ferrari’s production capacity, potentially reaching 20,000 units annually. While this expansion could dilute the brand’s exclusivity, Ferrari has successfully ventured beyond traditional sports cars with vehicles like the Purosangue SUV, launched in 2022.
Ferrari’s continued innovation includes plans for a second EV model while maintaining a focus on gas-powered and hybrid cars. The upcoming EV follows the success of the SF90 Stradale, Ferrari’s first hybrid sports car launched in 2019, showcasing the company’s commitment to sustainable technologies.
Overall, Ferrari’s upcoming EV represents a significant step in the evolution of luxury electric vehicles and underscores the brand’s dedication to innovation and meeting evolving consumer demands.
Vocabulary List
- Estimated /??st?me?t?d/ (adjective): Roughly calculated or approximate.
- Aligns /??la?nz/ (verb): Places or arranges in a straight line or in correct relative positions.
- Compromising /?k?mpr?ma?z??/ (verb): Settling a dispute by mutual concession.
- Exclusivity /??ksklu??s?v?ti/ (noun): The state of being limited to a select group.
- Capacity /k??pæs?ti/ (noun): The maximum amount that something can contain or produce.
- Sustainable /s??ste?n?bl/ (adjective): Able to be maintained at a certain rate or level without depleting resources.
Vocabulary List:
- Estimated /ˈɛstɪmeɪtɪd/ (adjective): Roughly calculated or approximate.
- Aligns /əˈlaɪnz/ (verb): Places or arranges in a straight line or in correct relative positions.
- Compromising /ˈkɒmprəmaɪzɪŋ/ (verb): Settling a dispute by mutual concession.
- Exclusivity /ˌɛkskluˈsɪvɪti/ (noun): The state of being limited to a select group.
- Capacity /kəˈpæsɪti/ (noun): The maximum amount that something can contain or produce.
- Sustainable /səˈsteɪnəbl/ (adjective): Able to be maintained at a certain rate or level without depleting resources.
