Ferrari is preparing to launch its first EV sports car, but it will come with a hefty price tag

The first fully electric Ferrari is coming soon. Ferrari is preparing to launch its first electric sports car, but it will come with a hefty price tag. The first Ferrari EV sports car will cost over $500,000 (500,000 euros). Here’s what you can expect.

The first Ferrari EV sports car will cost over $500K

That cherry red Ferrari that catches your eye every time it passes is going all-electric. CEO Benedetto Vigna confirmed Ferrari will show off its first EV sports car by the end of the year.

Ferrari is ahead of schedule after taking a “big-big step forward” late last year. The electric sports car is on track to launch in the fourth quarter of 2025.

As expected from the Italian luxury sports car maker, Ferrari’s first EV will come at a premium price. According to sources close to the matter, the first Ferrari EV sports car will cost at least $535,000 (500,000 euros).

The sources also told Reuters that a second electric Ferrari is in the works. Although still in its early stages, Ferrari’s second EV is expected to boost output at its e-building.

Update 6/21/24: Ferrari opens its new e-building where its first EV sports car will be made (read more here).

According to the sources, after producing less than 14,000 vehicles last year, plant output is expected to reach around 20,000.

The factory will build electric motors, inverters, and batteries for new EVs and hybrids. It will also include assembly.

Ferrari launched its first (series production) plug-in hybrid (PHEV), the SF90 Stradale, last year as it works to electrify its lineup. By 2026, Ferrari aims for 60% of sales to be EVs or hybrids.

At over $535,000 (500,000 euros), the first electric Ferrari will cost significantly more than the average luxury EV selling price, which is around $375,000 (350,000 euros).

Meanwhile, rival Lamborghini officially revealed its first 100% electric car, the Lanzador EV, last August. The sleek 2+2 electric GT is expected to hit the market in 2028. Lamborghini is electrifying its entire lineup this year with the Hurcan and Urus PHEVs launching.

Electrek’s Take

The hefty price tag shows Ferrari’s confidence in its product even as most rivals are slashing prices. For example, the new 1,092 hp Porsche Taycan Turbo GT, the brand’s fastest street-legal car yet, starts at $230,000.

The 1,020 hp Tesla Model S Plaid (which Ferrari was testing earlier this year) starts at just $87,990. By 2026 or 2028, several new EV sports cars are expected to hit the market (at a much lower price).

For example, BYD launched its first electric sports car, the Yangwang U9, this year. BYD’s Yangwang U9 starts at $233,400 (1,680,000 yuan) with a 0 to 62 mph sprint in 2.36 secs.

Although Ferrari and Lamborghini are known for their iconic designs and performance, will it matter with so many new EV brands (with modern designs and even more performance) hitting the market?

Would you still buy an electric Ferrari for over $500,000? Let us know what you think in the comments below.