Current:Home > reviewsFerrari has plans to sell an electric vehicle. The cost? More than $500,000. -Blueprint Wealth Network
Ferrari has plans to sell an electric vehicle. The cost? More than $500,000.
View
Date:2025-04-17 14:15:24
Ferrari, the luxury Italian car manufacturer, is planning to make an electric vehicle that will cost more than $500,000, according to a Reuters report.
The carmaker's foray into the EV space comes as many consumers are eschewing fully electric vehicles in favor of cheaper hybrid or diesel cars, with an AAA survey finding 63% of consumers say they're unlikely to buy an EV due to their higher prices and the lack of reliable charging infrastructure.
But Ferrari may be betting there will be sufficient demand among the world's wealthiest consumers for its pricey, clean energy vehicles. And priced at 500,000 euros ($535,000), the EV will also be considerably more expensive than Ferrari's average first-quarter sale price of 350,000 euros ($376,000).
So far, most purchasers of EVs tend to be higher-income consumers, with one study finding that the majority are men with incomes of more than $100,000.
The automaker is preparing to open a plant in Maranello, Italy, dedicated to manufacturing the electric model, according to the report, which cited a source familiar with the matter. The plant will reportedly manufacture other Ferrari vehicles, including petrol and hybrid models.
Ferrari did not immediately respond to CBS MoneyWatch's request for comment.
In April, Ferrari CEO Benedetto Vigna told shareholders that the "state of the art plant will assure us of flexibility and technical capacity in excess of our needs for years to come."
Vigna had previously told CNBC that the company's forthcoming EVs would offer customers the same unique experience Ferrari afficionados have become accustomed to.
The new vehicle is expected to hit the market toward the end of 2025, according to the Reuters report. While Ferrari is preparing an EV that's pricier than its gas-engined models, other automakers are taking a different tack, with some cutting EV prices in an effort to boost wavering demand.
- In:
- Ferrari
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.
veryGood! (3972)
Related
- The Louvre will be renovated and the 'Mona Lisa' will have her own room
- What time is 'American Idol' finale tonight? Top 3 contestants, guests, where to watch
- U.S. and Saudi Arabia near potentially historic security deal
- Oleksandr Usyk beats Tyson Fury by split decision to become the undisputed heavyweight champion
- South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
- Murders of 2 girls and 2 young women in Canada in the 1970s linked to American serial rapist
- Taylor Swift pauses acoustic set of Stockholm Eras Tour show to check on fans
- Fry's coupons from USA TODAY's coupons page can help you save on groceries
- All That You Wanted to Know About She’s All That
- Murders of 2 girls and 2 young women in Canada in the 1970s linked to American serial rapist
Ranking
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- Oleksandr Usyk beats Tyson Fury by split decision: Round-by-round analysis, highlights
- Sportswear manufacturer Fanatics sues Cardinals rookie WR Marvin Harrison Jr., per report
- Day after arrest, Scottie Scheffler struggles in third round of PGA Championship
- Cincinnati Bengals quarterback Joe Burrow owns a $3 million Batmobile Tumbler
- The Senate filibuster is a hurdle to any national abortion bill. Democrats are campaigning on it
- Simone Biles is a lock for Paris Olympics. But who's going to join her?
- Diddy admits beating ex-girlfriend Cassie, says he’s sorry, calls his actions ‘inexcusable’
Recommendation
Gen. Mark Milley's security detail and security clearance revoked, Pentagon says
As new homes get smaller, you can buy tiny homes online. See how much they cost
Helicopter carrying Iran’s president suffers a ‘hard landing,’ state TV says, and rescue is underway
Inside Tom Cruise's Relationship With Kids Isabella, Connor and Suri
NHL in ASL returns, delivering American Sign Language analysis for Deaf community at Winter Classic
OG Anunoby and Josh Hart are in the Knicks’ starting lineup for Game 7 against the Pacers
Caitlin Clark back in action: How to watch Indiana Fever vs. Connecticut Sun on Monday
The Senate filibuster is a hurdle to any national abortion bill. Democrats are campaigning on it