Ferrari (RACE) starts its first all-electric supercar in 2025, about six years later Volkswagen (VWAGY) has the electric Porsche Taycan and with Tesla (TSLA) still promises its next generation Roadster. RACE shares rose higher, near a buying point.
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According to reports, CEO John Elkann announced news about the first electric Ferrari at the annual shareholders’ meeting on Thursday.
“You can be sure that it will be everything you dream of that the engineers and designers of Maranello can imagine for such a landmark in our history,” Elkann said according to a transcript of his remarks by Road and Track. No other details were given.
For decades, Ferrari has rejected the idea of a fully electric supercar and the late former CEO, Sergio Marchionne, has declared a Ferrari EV in particular an “almost obscene concept”. In December 2019, former CEO Louis Camilleri said a Ferrari EV would not arrive before 2025. Now Ferrari expects such a car in 2025.
It has meanwhile focused on hybrid supercars. Recently, Ferrari introduced its first production hybrid EV, the SF Stradale. Meanwhile, in September 2019, rival Porsche unveiled its first electric car, the Taycan, with a six-digit sticker price.
The Porsche Taycan is sometimes seen competing against the Tesla Model S., but Ferrari rejects the idea that the Model S is a supercar. Tesla claims that the revamped Roadster will come in 2022 with a six-speed price tag. Tesla says the all-electric Roadster will be the fastest car in the world. But the Roadster has been promised for years.
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RACE stock, electric supercar supplies
RACE shares rose 0.5% to Friday 212.00 in stock market trading, approaching a buy point of 214.63, although much of the pattern is below the 50-day line. Tesla share added 0.1%, and Volkswagen rose 4.7%.
Despite the pandemic in 2020, sales of Porsche Taycan increased 20,000, in line with the company’s target. Porsche is expanding the production and sales of all electric cars, as Europe ultimately wants to ban traditional car sales.
It is said that a Porsche fair in 2022, five years later, is a possibility Stellantis (STLA), formerly Fiat Chrysler, turned Ferrari down and saw Ferrari shares soar.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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