Ferrari, the luxury performance car brand, has told investors that it plans for electric vehicles (EVs) and hybrids to account for around 80 percent of its sales by 2030. The company expects to invest €4.4 billion ($4.58 billion) by 2026, largely in development to make this transition.
The company plans to develop and build its own batteries and electric motors at its new assembly plant in Maranello, Italy. It believes by 2030 it will have roughly a 50:50 split between electric cars and hybrids, with 20 percent of production still for internal combustion models.
Currently, just 20 percent of Ferrari’s production is for its four hybrid models, with no electric models available. The company plans to launch 15 new models between 2023 and 2026, with the first all-electric model, an SUV, making an appearance in 2025. Ferrari expects electric cars and hybrids to account for around 60 percent of its portfolio by 2026
While we understand that Ferrari, like so many luxury sports car brands, has to completely change the emotional model of fast and loud combustion cars, it does feel like their move to electric power is slower than many.
For example, Lotus, are ahead of the curve in this market and already has its Evija electric supercar and has even gone on to launch the electric Eletre Hyper SUV. The British carmaker has also partnered with Britishvolt to develop batteries and even opened its first global store in London’s upmarket Mayfair district. This showcases Lotus’ electric vehicles and final combustion model as the brand is moving towards an electric future.
Ferrari’s fellow Italian luxury carmaker, Lamborghini, announced at the start of the year it was the last year for their internal combustion engine (ICE) vehicles. The Italian supercar maker, which is owned by the Volkswagen Group, has announced it will invest £1.26 billion (€1.5 billion/$1.7 million) in plug-in and all-electric cars. Lamborghini said they will transition to all-electric cars completely in 2024.
It will be interesting to see what Ferrari brings to the electric party when it launches its first model in 2025. We’re sure it will be beautiful looking like most of the cars they produce. The company will definitely be playing catch-up with so many traditional brands including Bentley, Hispano Suiza, Rolls Royce and Porsche, and newer all-electric brands, like Automobili Estrema, Tesla, Rimac, already at the table.