EVs and hybrids to make up the majority of sales by 2030
Ferrari to launch 15 new models from 2023-26, with the first full-electric model in 2025.
Ferrari’s plans to electrify its lineup have been well-documented, but the company gave more details on Thursday about how it expects EVs and hybrids to make up the majority of its sales by 2030. Ferrari said it would launch 15 new models from 2023-26, with the first full-electric model in 2025.
Ferrari told investors that full-electric and hybrid models will make up 80 percent of its sales by 2030, and vowed to produce “even more unique” cars as it makes the expensive shift to zero-emission models.
While Ferrari’s plans have been known for some time, this is the first time that the company has given a concrete timeline for its electrification efforts. Ferrari said it expects EVs and hybrids to make up the majority of its sales within just 10 years.
This is a significant shift for Ferrari, and one that signals the company’s commitment to electric vehicles. Ferrari has been an iconic name in the automotive world for decades, and its move to electrification will no doubt be closely watched by other automakers.
Ferrari’s first full-electric model is due in 2025, and the company said it expects EVs to make up 5 percent of its sales that year. That number is expected to rise to 40 percent by 2030. Hybrid models, meanwhile, are expected to make up 55 percent of Ferrari’s sales in 2025, before dropping to 40 percent in 2030.
This shift to electrification is sure to be a major talking point among Ferrari owners and enthusiasts. It will be interesting to see how Ferrari’s electric vehicles fare against its traditional gas-powered models. Will they be able to live up to the Ferrari name? Only time will tell.
New assembly line for EVs
Ferrari is planning to build its own electric motors, inverters and battery modules on a new assembly line at its Maranello, Italy plant. This is a big shift for the company, as it outsources non-core components to partners.
With bans on fossil-fuel vehicles looming in Europe and China, Ferrari is committing to spend 4.4 billion euros ($4.58 billion) by 2026 on product development for electric vehicles. This is a huge investment, but Ferrari feels confident that it will be able to deliver EBITDA (core earnings) of 2.5 billion to 2.7 billion euros by that year.
Ferrari’s challenge isn’t just the capital investment needed to develop electric models; the company also needs to figure out how to sell an emotional experience to customers who are used to the throaty roar of a powerful engine.
But Ferrari has a loyal customer base that loves the company’s products. Cars start at more than $208,000, and there is a long order book for Ferrari’s electric vehicles. Ferrari’s loyal customer base will be key to the success of its electric vehicles. But if anyone can do it, Ferrari can.
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