Ferrari (RACE) will launch its first all-electric supercar in 2025, about six years after Volkswagen (VWAGY) debuted the electric Porsche Taycan and with Tesla (TSLA) still promising its next-generation Roadster. RACE stock edged higher, near a buy point.
On Thursday, CEO John Elkann revealed news about the first electric Ferrari at the company’s annual shareholders meeting, according to reports.
“You can be sure this will be everything you dream the engineers and designers at Maranello can imagine for such a landmark in our history,” Elkann said, according to a transcript of his remarks seen by Road and Track. No other details were given.
For decades, Ferrari rejected the idea of a fully electric supercar and the late former CEO Sergio Marchionne notably declared a Ferrari EV an “almost obscene concept.” In December 2019, former CEO Louis Camilleri said that a Ferrari EV wouldn’t arrive before 2025. Now, Ferrari expects such a car in 2025.
It has focused on hybrid supercars in the interim. Recently, Ferrari launched its first production hybrid EV, the SF Stradale. Meanwhile in September 2019, rival Porsche unveiled its first electric car, the Taycan, with a six-figure sticker price.
The Porsche Taycan is sometimes seen competing against the Tesla Model S. But Ferrari rejects the notion that the Model S is a supercar. Tesla claims its revampted Roadster will come in 2022, with a six-figure price tag. Tesla says the all-electric Roadster will be the quickest car in the world. But the Roadster has been promised for years.
RACE Stock, Electric Supercar Stocks
RACE stock edged up 0.2% to 210.95 in early Friday stock market trading, after a 1.7% gain Thursday amid the electric supercar news. Tesla stock eased 0.7% in the premarket and Volkswagen was not active.
Ferrari stock has a cup-with-handle base with a 214.63 buy point, though much of the pattern below the 50-day line.
Despite the pandemic in 2020, Porsche Taycan sales topped 20,000, in line with the company’s target. Porsche is expanding all-electric car production and sales, as Europe looks to eventually ban traditional car sales.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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