- Ferrari warns EU automakers of incoming Chinese EV competition, calling for action.
- CEO Benedetto Vigna sees China’s EV growth as friendly competition, not a war.
- Ferrari to launch first electric supercar in 2025, aims for 60% hybrid and electric sales by 2026.
Ferrari’s Warning to Rivals Amid Chinese EV Threats
Ferrari is cautioning its rivals about incoming Chinese EVs, despite its first fully electric supercar not being due until next year. The company’s CEO argues that the new competition from China should serve as a “call to action” for EU automakers.
In an interview, Benedetto Vigna, Ferrari’s CEO, said;
“For me, this is a call to action for Europe.”
The warning coincides with escalating tensions between China and Europe as the EU’s deadline to announce the results of Beijing’s EV subsidies approaches.
Vigna, remarked;
“People are defining it as a war, but for me, it’s a friendly competition.”
Following the trade dispute, China is poised to retaliate by imposing tariffs on imports, potentially as high as 25% on vehicles with larger engines. These measures could significantly affect luxury automakers such as Porsche, Audi, and Range Rover, which make up the majority of China’s auto imports.
Ferrari is less exposed compared to its rivals, and plans to maintain its share of China sales below 10% due to existing tariffs.
Ferrari has confirmed its plans to launch its first fully electric supercar by the end of next year, with an expected debut in Q4 2025. The supercar maker is also constructing a new EV factory in its hometown of Maranello, Italy, which will manufacture electric motors, inverters, and batteries for Ferrari’s electric cars. The factory will be operational by June 2024.
It aims for 60% of its sales to come from hybrid and electric vehicles by 2026. The automaker recently introduced its first plug-in hybrid electric vehicle, the SF90 Stradale, last year, marking its preparation for an electric future.
Looking ahead, Ferrari’s strategic moves highlight its proactive stance in the evolving global automotive landscape. With plans to debut its first fully electric supercar in 2025 and bolstered by a new EV factory in Maranello, Ferrari is poised to lead in the EV sector. The company’s commitment to achieving 60% hybrid and electric vehicle sales by 2026 underscores its readiness for the future of mobility.
