Benedetto Vigna, the CEO of Ferrari, pledged on Tuesday that the premium automaker’s upcoming electric vehicle will provide drivers with the same “unique” driving experience as its iconic combustion engines.
In order to produce electric motors, battery packs, and power inverters, the Italian business plans to introduce its first entirely electric vehicle in the last quarter of 2025 and construct a new production facility in Maranello, Italy, in June.
By 2026, Ferrari expects to have a new range of high-performance electric supercars on the market, and a split of roughly 60% of its offer between fully electric and hybrid vehicles.
In an interview with CNBC’s “Squawk Box Europe” on Tuesday, Vigna said that the business will continue to prioritize EV range performance, design, and driving experience while stressing that “electric cars are not silent.”
Every Ferrari we produce is distinct. We consider driving characteristics, performance, design, and sustainability while creating a Ferrari, the man stated.
When asked about the sound of an EV, he responded, “If you know the technology, you know you can do a lot of things also with electric cars.”
“We are not talking about functional cars like other EVs that you see on the road when we talk about luxury cars like our cars; rather, we are talking about the emotion that we are able to deliver to our client,” he continued.
“To be honest, we are confident that we can provide our client with a one-of-a-kind experience because we have the ability to utilize technology in novel ways. That is what our business has done from the start.
Ferrari engineers are developing “sound signatures” for their electric vehicles (EVs) “that will stir emotions and rival that famously produced by its combustion engines,” despite the fact that most electric powertrains are very silent.
Following a 59% increase in 2023, Ferrari shares have had a stellar start to 2024, rising about 29% year to far. Last year, the company reported record results with an annual net profit up 34% and its first-ever crossing of 1 billion euros, or $1.08 billion.
The “massive run-up” in the stock so far this year led research firm CFRA to downgrade the stock last week from buy to hold.
“The stock’s current valuation now appears to reflect these positives,” CFRA senior equity analyst Garrett Nelson wrote in a research note. “While we continue to consider the company one of the highest-quality names in the auto industry, with industry-leading gross margins (~50% in 2023), unparalleled pricing power, and a strong backlog due to the global strength of its luxury brand.”
