© Reuters. FILE PHOTO: A charging cable is plugged into a Ferrari SF90 Stradale hybrid sports car during a media preview at the Auto Zurich Car Show in Zurich, Switzerland November 3, 2021. REUTERS/Arnd Wiegmann/File Photo
By Giulio Piovaccari and Nick Carey
MARANELLO, Italy (Reuters) – Luxury sportscar maker Ferrari (NYSE:) will always produce one car less than wealthy customers want to preserve its uniqueness as it shifts to electric models, Chief Executive Benedetto Vigna said on Thursday as he unveiled the company’s new business plan.
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, Vigna said. 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, according to industry estimates.
Like other makers of sports cars, Ferrari’s challenge goes beyond just the huge capital investments necessary to develop electric models that can match their high-performance fossil-fuel forebears.
The iconic Italian carmaker sells an emotional experience to wealthy customers centred around the throaty roar of a powerful engine.
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).
Shares in Ferrari have been almost flat in the past 12 months, versus an 18% drop for the European auto index .SXAP and a 13% drop for the luxury index .STXLUXP.
On the journey to electric sports cars, Ferrari needs to make sure its high-net worth customers and investors are along for the ride.