Even if you’re not a fan of sports cars, you’ve heard of Ferrari. It’s a goliath in the automobile industry, producing some of the world’s fastest and most luxurious vehicles. However, Ferrari is at a crossroads. With many of its competitors breaking into the electric vehicle (EV) market, the Italian auto giant is at risk of getting left behind by the rest of the pack. CEO Benedetto Vigna is rallying the troops with plans to roll out an EV by 2025 and open eco-friendly factories.
An all-electric Ferrari sounds like science fiction, and, understandably, people are skeptical about electric engines in a car that has prided itself on speed and roaring combustion. Vigna is changing that narrative. When he took over Ferrari in September 2021, he came from a semiconductor and microchip business background, noticing how modern cars require more chips and conductors.
With the rising energy costs, particularly fossil fuel and raw materials for production, Ferrari could lose money if they only worked on creating the classic petrol-engine muscle cars. Vigna countered this by raising each Ferrari model’s price to ensure the company didn’t end up in the red, and he came out with a grander announcement about Ferrari manufacturing an EV by 2025.
In addition, Vigna announced opening an “E-building” at the Maranello factory in Italy. The factory comes equipped with solar panels, and a 1-megawatt oxide fuel cell battery to ensure that 5% of the factory runs on renewable energy with a reduction in emissions. These efforts are part of the greater plan to reach carbon neutrality by 2030.
Ferrari is not totally behind the times when it comes to getting off internal-combustion engines. The company already has a plug-in hybrid model, the SF90 Stradale. For a sports car with a partially-electric engine, this car moves crazy fast. Complete with 986 horsepower, the SF90 can go from 0 to 60 in 2.0 seconds and get 51 eMPG alongside 18 MPG from internal combustion.
The model is a powerful hybrid sports car but not fully electric. While fewer emissions might come from the SF90, the company wants to make an all-electric engine to show its commitment to innovating cleaner cars.
Ferrari predicts 40% of its production will be electric-only cars, with 80% of its fleet electrified by 2030. If all goes according to Vigna’s plan, the Italian automaker could be one of the more dominant forces in the electric sports car market.
The news of this EV launch comes when they need a win in the public eye. They’re slightly behind some of their competitors like Porsche, which rolled out its plans for EVs and already has a few available. Ferrari will also compete with the likes of Rolls Royce, Lamborghini and Aston Martin, all with plans to roll out EVs by the end of the decade. It also comes when Ferrari is attempting to regain their crown at the top of Formula 1 racing, but it has been a tough season for the team. We can only speculate what the first Ferrari EV will look like and how it will perform, but it will be a Ferrari nonetheless.