Ferrari CEO Benedetto Vigna promised on Tuesday that the luxurious carmaker’s new electrical car will supply drivers the identical roar as its historic combustion engines.

The Italian firm is launching its first totally electrical car within the remaining quarter of 2025 and can open a brand new manufacturing website in Maranello, Italy, in June to fabricate electrical motors, battery packs and energy inverters.

Ferrari is forecasting that roughly 60% of its gross sales will probably be break up between totally electrical and hybrid automobiles by 2026, because it appears to be like to determine market share with a brand new vary of excessive efficiency electrical supercars.

Talking to CNBC’s “Squawk Field Europe” on Tuesday, Vigna mentioned the corporate would keep its give attention to efficiency, design and driving expertise in its EV vary, insisting that “electrical automobiles usually are not silent.”

“Once we speak about luxurious automobiles like our automobiles, we’re speaking concerning the emotion that we’re capable of ship to our consumer, so we’re not speaking about purposeful automobiles like different EVs that you just see on the street,” he mentioned.

“Now we have little question, actually, that we will ship a novel expertise to our consumer, as a result of we will harness the know-how in a novel means. That is what our firm has been doing for the reason that starting.”

Although typical electrical powertrains are largely silent, Ferrari engineers are engaged on “sound signatures” for its electrical autos to copy the long-lasting roar of the combustion engines which have powered its sports activities automobiles since 1947.

Ferrari shares have loved a bumper begin to 2024, up virtually 29% year-to-date after a 59% soar in 2023. The corporate posted document earnings final 12 months with annual web revenue up 34%, exceeding 1 billion euros ($1.08 billion) for the primary time.

Final week, analysis agency CFRA downgraded the inventory to “maintain” from “purchase” on the again of the “huge run-up” for the inventory to this point this 12 months.

“Whereas we proceed to contemplate the corporate one of many highest-quality names within the auto {industry}, with industry-leading gross margins (~50% in 2023), unparalleled pricing energy, and a powerful backlog because of the international power of its luxurious model, the inventory’s present valuation now seems to mirror these positives,” CFRA Senior Fairness Analyst Garrett Nelson mentioned in a analysis word.