Ferrari's first electric car will cost more than 500,000 euros.

Ferrari's first electric car will cost at least 500,000 euros ($535,000), a source familiar with the matter said, as the luxury automaker prepares to open a plant to manufacture the model, which could increase the group's production by as much as a third.

Ferrari's first electric car will cost at least 500,000 euros ($535,000), a source familiar with the matter said, as the luxury automaker prepares to open a plant to manufacture the model, which could increase the group's production by as much as a third.

The Italian brand, famous for its roaring gasoline engines, has announced it will launch an electric car by the end of next year, and the planned pricing shows its confidence that ultra-wealthy drivers are ready for it, even as its mass-market rivals are slashing electric vehicle (EV) prices amid declining demand.

The price, which does not include features and personal touches that typically add a 15-20%, is well above the average selling price of around €350,000, including extras, for a Ferrari in the first quarter of this year, and many luxury EV rivals.

In a less exclusive segment, Porsche's electric Taycan starts at around €100,000.

Ferrari did not respond to a request for comment on the price of its first EV, nor on its new plant set to open in its hometown of Maranello in northern Italy on Friday.

The factory, or e-building, is a bold move for the company, which delivered fewer than 14,000 cars last year, as it will eventually allow production capacity to increase to around 20,000, said the source, speaking on condition of anonymity.

Exclusivity underpins the brand's prestige, and also its high prices, so any increase in production carries risks.

However, Ferrari has shown with its Purosangue SUV, launched in 2022, that it can achieve success by expanding beyond its traditional two-seater sports cars and grand tourers.

"There is a growing demand for Ferraris, and they have room to meet some of it without compromising exclusivity," said Fabio Caldato, portfolio manager at AcomeA SGR, which owns Ferrari shares.

Waiting lists for some models can exceed two years.

"That one is not getting shorter. Being on the waiting list is in itself a status symbol," Caldato said, pointing to an increase in potential wealthy clients in emerging markets, such as India and the Middle East.

SECOND MODEL EV

The new factory in Maranello will provide Ferrari with an additional vehicle assembly line, and will manufacture gasoline and hybrid cars as well as the new EV, plus components for hybrids and EVs.

It will be fully operational in three to four months, the source said.

A second EV model is also in development, the source said, adding that the process was at an early stage, and that the company may not want to increase total production to 20,000 vehicles per year, at least in the short term.

CEO Benedetto Vigna told Ferrari shareholders in April that the "state-of-the-art plant will ensure us flexibility and technical capacity in excess of our needs for years to come."

Any increase in production would come with an increase in models, as Ferrari would stick to its policy of keeping production of any model within a certain limit, however successful, the source said.

Rival Lamborghini plans to start selling its first EV model in 2028. Its CEO, Stephan Winkelmann, said it was more important to have the right product than to be first.

Mediobanca analyst Andrea Balloni said he expected Ferrari's new EV to be priced high to help preserve margins, offsetting the development of new all-electric technology and the higher number of externally procured parts.

"I expect the new EV to be a niche model, representing little more than 10% of annual sales," Balloni said, adding that Ferrari's core customer still preferred gasoline models.

Collaboration: Grupo Auge | Reuters (International).