Ferrari (RACE) will launch its first all-electric supercar in 2025, about six years later Volkswagen (VWAGY) debuted the electric Porsche Taycan and with it Tesla (TSLA) still promises its next-generation Roadster. RACE stocks moved higher, near a buy point.
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According to reports, CEO John Elkann revealed news of the first electric Ferrari at the company’s annual shareholders’ meeting on Thursday.
“You can be sure that this will be everything you dream of that Maranello engineers and designers can come up with for such a milestone in our history,” said Elkann, according to a transcript of his comments seen by Road and Track. No other details were given.
For decades, Ferrari rejected the idea of an all-electric supercar, and late former CEO Sergio Marchionne, in particular, declared a Ferrari EV an “almost obscene concept.” In December 2019, former CEO Louis Camilleri said there would not be a Ferrari EV before 2025. Now Ferrari expects such a car in 2025.
It has focused on hybrid supercars in the meantime. 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 against the Tesla Model S. But Ferrari rejects the idea that the Model S is a supercar. Tesla claims its revamped Roadster will be released in 2022, with a six-figure 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 Shares, Electric Supercar Shares
RACE shares were up 0.5% to close at 212.00 during Friday trading, approaching a buy point of 214.63, although much of the pattern is below the 50-day line. Tesla shares added 0.1% and Volkswagen rose 4.7%.
Despite the pandemic in 2020, Porsche Taycan sales exceeded 20,000, in line with the company’s target. Porsche is expanding the production and sale of all-electric cars as Europe eventually wants to ban traditional car sales.
An IPO of Porsche could be a possibility in 2022, five years later Stellantis (STLA), formerly Fiat Chrysler, spun off Ferrari and saw Ferrari shares rise.
Find Aparna Narayanan on Twitter at @BuienRadarNL
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