Ferrari to Release First Luxury Electric Vehicle Priced at Half a Million Euros

Ferrari, one of the world's most renowned sports car manufacturers, is set to launch its first electric car. The new model will be priced at approximately €500,000 and is expected to hit the market by the end of next year, according to Reuters.

Ferrari is confident that this high price will not deter potential buyers, despite being significantly higher than other premium electric vehicles from the Italian automaker's competitors.

"Demand for Ferrari is growing, and they have the ability to meet some of this demand without compromising exclusivity. Being on the waiting list for a Ferrari car is itself a status symbol," said Fabio Caldato, a manager at AcomeA SGR, which holds shares in Ferrari.

Ferrari is currently preparing to open a new factory that will increase the company's production capacity by about a third. This factory, located in Maranello in northern Italy, will produce petrol and hybrid cars as well as new electric vehicles and their components. It is planned that the factory will be fully operational within three to four months.

It is worth noting that one of Ferrari's main competitors, Lamborghini, plans to start selling its first electric car model only in 2028.

Additionally, The Gaze reported that the EU is imposing "shock" tariffs of up to 38% on Chinese electric vehicles to protect the European market and electric vehicle manufacturers.