Ferrari’s first EV rumoured to cost over $500000

Next year, the luxury automaker Ferrari is slated to unveil its first electric vehicle (EV), which is rumoured to cost more than $5,00,000 as per Reuters (about Rs 4.17 crore), before options.

Although the price may not appear expensive, keep in mind that due to heavy taxes on imported luxury cars, the Purosangue starts at $3,98,350 (Rs 3.32 crore) in the USA and Rs 10.5 crore in India.

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According to leaked patents, it would have two seats and an electric motor on each wheel. Additionally, Ferrari is working on its second electric vehicle.

The automaker is also getting prepared to launch a new plant in Italy, which is scheduled to open this week and run continuously for three to four months. It will be able to develop ICE, hybrid, and electric vehicles.

The new plant, situated in Maranello, northern Italy, will assist in increasing annual production to an estimated 20,000 units.

“There’s an increasing demand out there for Ferraris,” stated Fabio Caldato, portfolio manager at AcomeA SGR, which holds Ferrari stock, as reported by Autocar India. Waiting lists for certain models might go up to two years.

“That is not getting any shorter,” he said, pointing to an increase in potential wealthy customers in growing markets like India and the Middle East. “Being in the waiting list is in itself a status symbol.”