A Ferrari is parked exterior the New York Inventory Alternate in celebration of Ferrari’s preliminary public providing in New York Metropolis on Oct. 21, 2015.
Andrew Burton | Getty Photographs
Ferrari CEO Benedetto Vigna promised on Tuesday that the posh carmaker’s new electrical automobile will supply drivers the identical “distinctive” expertise as its historic combustion engines.
The Italian firm is launching its first absolutely electrical automobile within the last quarter of 2025 and can open a brand new manufacturing web site in Maranello, Italy, in June to fabricate electrical motors, battery packs and energy inverters.
Ferrari is forecasting that roughly 60% of its gross sales can be cut up between absolutely electrical and hybrid automobiles by 2026, because it seems to be to determine market share with a brand new vary of high-performance electrical supercars.
Chatting with CNBC’s “Squawk Field Europe” on Tuesday, Vigna mentioned the corporate would preserve its deal with efficiency, design and driving expertise in its EV vary, insisting that “electrical automobiles aren’t silent.”
“Every Ferrari we make is exclusive. Once we do a Ferrari we have a look at the efficiency, the design, the driving traits and the sustainability,” he mentioned.
“If the expertise, you are able to do loads of issues additionally with electrical automobiles,” he mentioned when requested in regards to the sound of an electrical automobile.
“Once we speak about luxurious automobiles like our automobiles, we’re speaking in regards to the emotion that we’re capable of ship to our consumer, so we’re not speaking about practical automobiles like different EVs that you simply see on the highway,” he added.
“We’ve got little doubt, actually, that we are able to ship a novel expertise to our consumer, as a result of we are able to harness the expertise in a novel method. That is what our firm has been doing for the reason that starting.”
Although typical electrical powertrains are largely silent, Ferrari engineers are engaged on “sound signatures” for its EVs “that can stir feelings and rival that famously produced by its combustion engines.”
Ferrari shares have loved a bumper begin to 2024, up virtually 29% 12 months to this point after a 59% leap in 2023. The corporate posted report earnings final 12 months with annual web revenue up 34%, exceeding 1 billion euros, or $1.08 billion, for the primary time.
Final week, analysis agency CFRA downgraded the inventory to carry from purchase on the again of the “huge run-up” for the inventory up to now this 12 months.
“Whereas we proceed to contemplate the corporate one of many highest-quality names within the auto {industry}, with industry-leading gross margins (~50% in 2023), unparalleled pricing energy, and a powerful backlog as a result of international energy of its luxurious model, the inventory’s present valuation now seems to replicate these positives,” CFRA senior fairness analyst Garrett Nelson mentioned in a analysis word.
Correction: The textual content of this story has been up to date to raised replicate the feedback made by CEO Benedetto Vigna.
