Ferrari unveils its first EV — the Electrica — but cuts its EV lineup target in half as demand fades

Summary

Ferrari is moving ahead with its first electric vehicle, the Ferrari Electrica, even as the company just cut its EV target in half at an investor day that sent its stock down 12%.

The Electrica will do 0–62 mph in 2.5 seconds, hit 193 mph, and deliver 329 miles of range. It's designed in partnership with Jony Ive and will debut in spring 2025 with deliveries later that year. Ferrari is building the battery and electric axle motor in-house at a new facility called the E Building, a vertically integrated bet that feels especially bold given the brand's historical electrical issues.

The timing exposes a core tension. When Ferrari greenlit this project years ago, the industry consensus was that EVs would dominate the market. Now Porsche, Lamborghini, and McLaren have all delayed or scrapped their EV plans. Ferrari's leadership is doubling down instead, arguing that as a luxury leader it must demonstrate mastery of the technology.

The numbers tell a different story. At investor day, Ferrari said EVs would make up just 20% of its 2030 lineup, down from the previously stated 40%. The company is also planning 20 models through 2030, more than before, but issued a cautious 5% annual revenue growth forecast. The stock fell 12% on that guidance.

Resale value

Ferrari's real headwind isn't engineering. It's resale value. The SF90 hybrid and 296 hybrid have both depreciated faster than comparable gas-powered Ferraris. Some SF90s, bought at a peak during the zero-interest-rate bubble, now trade below sticker with just hundreds of miles on the odometer. Battery-powered cars face the same risk: as the battery degrades, so does the car's appeal to collectors who expect their Ferraris to hold value like Rolex watches.

CEO Benedetto Vigna addressed this directly, saying Ferrari will not sell an electric car without considering the expiration date of the battery. The company is learning from its hybrid experience, a technology it has had on the track since 2009 and that now accounts for almost half its output. Whether those lessons transfer to full EVs remains unclear, especially given that hybrids themselves have already hurt the brand's collector economics.

Collector demand

Ferrari is betting that its wealthiest clients, the ones chasing track performance and driving feel rather than just 0–60 times, will embrace the EV. Some collectors are open to it. Luke Poirier, who owns 38 Ferraris, said he would consider buying the Electrica after finding the SF90 engaging, though he is nervous about reliability on so much new technology. David Lee, who owns over 40 red Ferraris including the F40, F50, Enzo, and LaFerrari, says top clients buy every car Ferrari introduces and plans to buy the EV.

But there is a catch. Ferrari will not mimic engine sounds the way Hyundai's N division does. Instead, it will amplify the electric motor's whirring into the cabin. Whether collectors view that as innovative or hollow depends on whether the driving experience itself justifies the premium and whether their last Ferraris tanked in value.

Analyst Harold Hendrisky noted that Ferrari had an unusual opportunity: it could have sat out the EV wave entirely, positioning itself as the last naturally aspirated holdout while Porsche and others pulled back. Instead, Ferrari remains locked in the same conversation as its competitors, betting that one EV launched on schedule, backed by Jony Ive and built on two decades of hybrid racing, will convince the super rich that an electric Ferrari is worth owning and keeping.