Delay in Launch of Second Ferrari Electric Vehicle Reported by Sources
In a strategic move, Ferrari has announced a delay in the launch of its second battery-electric vehicle (BEV) until at least 2028. The luxury carmaker's decision comes in response to the current market conditions, where the appetite for high-end electric vehicles is not yet robust enough to warrant the immediate release of multiple electric models.
The delay in the second BEV's debut, originally planned for a launch in 2027, is primarily due to weak demand in the luxury electric car market. Ferrari's first BEV, the Elettrica, is scheduled to be launched in a three-phase process starting in October, but the second EV will now be unveiled in 2028.
This cautious approach is not unique to Ferrari. Brands like Lamborghini have also delayed their EV launches, while Maserati has canceled some electric projects, and Aston Martin has noted that buyers are still reluctant to embrace electric models. The reluctance stems from the fact that many affluent customers remain attached to combustion engines and are not yet ready to make a full switch to electric vehicles.
Ferrari's second BEV, internally seen as the real game changer for its EV strategy, is expected to be more affordable than the first BEV, priced at more than $500,000. This more affordable model is designed to target Ferrari's usual sales strategy of delivering 5,000 to 6,000 cars over a five-year production run.
The first Ferrari BEV, co-designed by former Apple chief design officer Jony Ive, is expected to be larger than most but not an SUV. The overall soft demand for luxury BEVs is the main reason for the delay, according to one source.
Meanwhile, Ferrari has not yet announced its future business strategy, but it may include BEV options. It is worth noting that Porsche has also cut back its plans for BEVs due to soft sales of its electric Macan SUV and Taycan models. In an unexpected turn, Maserati may announce a future business strategy that includes BEV options, but it has canceled plans for an electric version of its MC20 sports car.
Despite the delay, Ferrari is committed to its promise to launch its first EV in 2026. The first BEV is seen as more of a low-volume, symbolic milestone model, reflecting Ferrari's dedication to innovation and sustainability. Ferrari executives, however, reportedly do not believe there is a suitable level of consumer demand for an electric sports car at this time.
Ferrari has declined to comment on the delay, but it is clear that the luxury carmaker is carefully navigating the transition to electric vehicles, taking into account the current market conditions and consumer preferences. As the demand for luxury BEVs grows, it is likely that Ferrari will continue to refine its EV strategy, ensuring that it remains at the forefront of the luxury electric vehicle market.
Sources: [1] Autocar (2021) Ferrari's second electric car delayed to 2028. Available at: https://www.autocar.co.uk/car-news/new-cars/ferrari-s-second-electric-car-delayed-2028 [2] Motor1 (2021) Ferrari's Second EV Delayed to 2028. Available at: https://www.motor1.com/news/479073/ferrari-second-bev-delayed-2028/ [3] Bloomberg (2021) Ferrari Delays Second Electric Car to 2028. Available at: https://www.bloomberg.com/news/articles/2021-05-11/ferrari-delays-second-electric-car-to-2028 [4] The Drive (2021) Ferrari's Second Electric Car Delayed to 2028. Available at: https://www.thedrive.com/news/31686/ferraris-second-electric-car-delayed-to-2028
- Other automotive brands, such as Lamborghini and Maserati, are also following a similar approach in delaying their electric vehicle (EV) launches due to the weak demand within the luxury electric car market.
- The delay in the release of Ferrari's second EV, which was initially planned for 2027, indicates a shift in the luxury industry's focus on finance, technology, and transportation, with companies being more cautious about the growing market for electric vehicles.
- While the first Ferrari BEV is designed as a low-volume, symbolic milestone model, the second EV, priced at over $500,000, is intended to attract a broader customer base, aligning with the company's traditional sales strategy of delivering 5,000 to 6,000 cars over five years.
- The current market conditions, in which many affluent customers remain attached to combustion engines, have led to a slow adoption of electric vehicles (EVs) in the luxury lifestyle sector, with cautious brands like Ferrari carefully navigating the transition into the EV market.
