Chief Executive Benedetto Vigna said that Ferrari (NYSE:RACE) will always produce one car less than wealthy customers want to preserve its uniqueness as it shifts to electric models. Vigna confirmed the carmaker’s plans to launch its first electric model in 2025.
“Everything we do will always focus on being distinctively Ferrari,” company chairman John Elkann said in opening remarks. “The opportunity set of electrification and electronics will allow us to make even more unique cars.”
Ferrari expects fully-electric cars will make up 5% of sales in 2025 and 40% in 2030, according to statistics. He said it would develop and build its own electric motors, inverters and battery modules for its electric models. Faced with looming bans on fossil-fuel vehicles in Europe and China, major automakers have committed to spend more than $250 billion through 2025 on the shift to electrification.
Customers and investors both like what Ferrari does today, with a long order book for cars that start at around 210,000 euros ($218,000).
In the past 12 months shares in Ferrari have been almost flat, versus an 18% drop for the European auto index.
On the journey to electric sports cars, Ferrari needs to make sure its high-net worth customers and investors are along for the ride.
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