• Ferrari’s first electric car will arrive in late 2025
• The first electric Ferrari is said to cost more than $535,000
• The electric Ferrari is set to be the most expensive model that isn’t production-limited in the lineup

Ferrari is gearing up to launch its first electric vehicle in late 2025, but the automaker isn’t expected to rely on attractive pricing to persuade buyers to make the switch to electric motors.

Citing a source familiar with the matter, Reuters reported on Wednesday that Ferrari’s first EV will cost at least 500,000 euros (approximately $535,000).

That will make it considerably more expensive than vehicles such as the SF90 Stradale supercar and Purosangue SUV, which are the most expensive models Ferrari sells today without strict limits on production.

According to Reuters, the average transaction price for a Ferrari in the first quarter of 2024 was 350,000 euros, and that includes the additional cost of available options that typically add around 15-20% to the price tag.

Ferrari hasn’t revealed any details about its EV, though rumors point to it being a grand touring model or even an SUV, as opposed to one of the automaker’s traditional supercars. Reuters’ source also claims that Ferrari has at least two EVs in the works. According to previous rumors, the second EV will be another SUV-like model.

Ferrari patents for EV technology have surfaced over the years, including a recent one for a 3-motor powertrain with various methods for crafting an emotional sound—one of the biggest selling points of Ferrari’s gas-powered range.

As it does with its gas powertrains, Ferrari plans to develop its own electric motors, inverters, and batteries, and will target industry-leading figures for weight and power density. The automaker will work with partners in some areas, though, particularly when it comes to advanced battery technology, such as solid-state batteries, which Ferrari has previously said it is exploring.

Ferrari will build EVs at a new plant forming part of its Maranello headquarters. The plant is due to be inaugurated on Friday and will also supply parts for plug-in hybrid models, including motors, inverters, and batteries. It isn’t due to start volume production of EVs until early 2026. According to Reuters’ source, the new plant will allow Ferrari to boost annual capacity to around 20,000 vehicles, up from about 14,000 today.