Benedetto Vigna, CEO of Ferrari, stated that the company’s next electric vehicle won’t be as silent as other EVs on the road. In order to produce electric motors, battery packs, and power inverters, the Italian business plans to introduce its first entirely electric car in the last quarter of 2025 and construct a new production facility in Maranello, Italy, in June. As it attempts to gain market share with a new line of high-performance electric supercars, Ferrari predicts that by 2026, around 60% of its sales will be split between completely electric and hybrid vehicles.
Advancements, Challenges, and Ethical Considerations
In an interview with CNBC’s Squawk Box Europe on Tuesday, Vigna insisted that electric vehicles are not silent and stated that the firm will continue to prioritize performance, design, and driving pleasure in its EV line. He also responded on Ferrari and about the vehicle’s sound,
“Each Ferrari we make is unique. When we do a Ferrari, we look at the performance, the design, the driving traits, and the sustainability.”
“If you know the technology, you know you can do a lot of things also with electric cars.”
He continued;
“When we talk about luxury cars like our cars, we are talking about the emotion that we are able to deliver to our client, so we are not talking about functional cars like other EVs that you see on the road. We have no doubt, honestly, that we can deliver a unique experience to our clients because we can harness the technology in a unique way. That’s what our company has been doing since the beginning.”
Ferrari engineers are developing sound characteristics for its electric vehicles (EVs) that will evoke strong emotions and rival the renowned sounds made by its combustion engines, even though most electric powertrains are very silent. Following a 59% increase in 2023, Ferrari shares have had a stellar start to 2024, rising about 29% year so far. Last year, the firm reported record results with an annual net profit up 34% and its first-ever crossing of 1 billion euros, or $1.08 billion. The massive run-up in the stock so far this year led research group CFRA to downgrade the company last week from buy to hold.
Garrett Nelson, a senior equities analyst at CFRA, stated in a research note saying,
“While we continue to consider the company one of the highest-quality names in the auto industry, with industry-leading gross margins (~50% in 2023), unparalleled pricing power, and a strong backlog due to the global strength of its luxury brand, the stock’s current valuation now appears to reflect these positives.”
About Ferrari EV
At its annual investor conference today, Ferrari said that it will begin production of its first electric (EV) sportscar by 2025, with an announcement made in June 2022. It also acknowledged that by 2030, 40% of total manufacturing will be electric vehicles (EVs) and 80% will be electrified, replacing the brand’s iconic screaming thunder of supercars. A model deluge is on the way, according to Ferrari’s strategic 2022–2026 business strategy, which was unveiled in Maranello today. Fifteen new models are scheduled for release over the next four years, with the Purosangue hybrid SUV coming out in September.
