Italian luxury sports car maker Ferrari is on track to introduce its first-ever electric supercar in 2025 to remain relevant in the rapidly evolving automotive market. However, the growing surge of Chinese-made electric cars continues to threaten European players.
According to Bloomberg, Ferrari has warned its co-European automakers about their Chinese counterparts.
First Ferrari EV debuts in 2025
Ferrari Chief Executive Benedetto Vigna confirmed in an exclusive interview with BloombergTV that the company will finally complete the development of its inaugural electric supercar model by the end of 2025.
The luxury automaker plans to launch the debut of the first Ferrari EV in the fourth quarter of 2025. As per the Ferrari boss, the model development “is going as planned.”
Ferrari claims that its first EV model will be “unique in every aspect.” In fact, the Ferrari boss said that the upcoming electric supercar has already attracted the interest of numerous clients.
“[They’re] waiting for our green car.”
Ferrari Chief Executive Benedetto Vigna
Ferrari urges European players to step up as Chinese EVs surge
As Ferrari gets closer to launching its first electric supercar, CEO Vigna is warning its co-European players about the growing dominance of Chinese-made EVs.
CEO Vigna asserted that the intensified competition brought on by Chinese companies should be a “call to action” for European automakers. Despite the threat, the Ferrari boss looks at the situation as a healthy competition.
“For me, this is a call to action for Europe. People are defining it as a war but for me, it’s a nice competition.”
Ferrari Chief Executive Benedetto Vigna
China is currently considering imposing 25% import duties on vehicles with bigger engines as a retaliation to a potential tariff hike against Chinese companies in the EU. It can potentially affect the likes of Porsche, Audi, and Range Rover. Notably, these brands represent most of China’s automotive imports.
Meanwhile, Ferrari is less vulnerable than its co-European brands, with CEO Vigna saying that the company will maintain its China sales share below 10% due to current import tariffs.
“China is not for Ferrari what it is for other luxury brands. The market in China is still not mature.”
Ferrari Chief Executive Benedetto Vigna
Ferrari bets big on EVs
Ferrari is currently developing its new electric vehicle factory in its hometown of Maranello, Italy. The upcoming facility will manage the production of the company’s electric motors, inverters, and batteries for electric cars.
According to CEO Vigna, Ferrari expects to complete the construction of the dedicated EV factory as early as June 2024.
These efforts are part of the Italian automaker’s strategy to have hybrid and BEVs account for 60% of its total sales by 2026. For context, it has already introduced its first-ever plug-in hybrid SF90 Stradale in 2023.
