First electric Ferrari to cost over half a million dollars

Ferrari fans waiting for the company’s first EV now know how much it will cost them. The famed automaker has announced the battery-powered supercar will sell for north of US$535,000 (C$733,600).

Luxury car maker Ferrari has finally revealed how much its first EV will cost, after spending years preparing for production. While only a few people would expect the electric car to be cheap, buyers will have to reach deep into their pocket for one of these toys as they will not cost less than US$535,000, according to a source that spoke with Reuters.

The ultra-wealthy clientele of the Italian brand can start getting their checkbooks out as the EV will get its launch late next year.

Meanwhile, the hefty price tag is the base price, as buyers may still spend up to 20 percent on features and customization.

Ferrari has been transforming its factory located in Maranello to handle EV manufacturing. It aims to expand production to 20,000 units per year from what it calls the e-building.

An even more expensive electric Ferrari is reportedly on its way, although the development is still in its early stages. This would be the preserve of the fabulously wealthy who go for and collect rare cars.

However, the not-as-wealthy will have a better chance of driving an electric Ferrari as the automaker plans for 40 percent of its cars to be battery-powered by the end of the century, although this is a step down from the company’s former plans.

Ferrari debuted its first plug-in hybrid electric vehicle (PHEV) last with the SF90 Stradale, pictured above, which has a 4L V8 engine under the hood, along with three electric motors capable of generating a total of 162 kW.

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