On October 21, 2015, a Ferrari was parked outside the New York Stock Exchange to celebrate Ferrari’s initial public offering in New York.
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ferrari Chief Executive Benedetto Vigna promised on Tuesday that the luxury automaker’s new electric vehicles will provide drivers with the same roar of its historic internal combustion engines.
The Italian company will launch its first all-electric vehicle in the last quarter of 2025 and will open a new production site in Maranello, Italy, in June to produce electric motors, battery packs and power inverters.
Ferrari is predict About 60% of its sales will be allocated to fully electric and hybrid vehicles by 2026, as the company looks to build market share with a new range of high-performance electric supercars.
In an interview with CNBC’s “Squawk Box Europe” on Tuesday, Wigner said the company would continue to focus on the performance, design and driving experience of its electric vehicle lineup, insisting that “electric vehicles are not silent.”
“When we talk about luxury vehicles like our cars, we’re talking about the emotion that we’re able to convey to our customers, so we’re not talking about functional cars like other electric vehicles you see on the road,” he said .
“Honestly, we have no doubt that we can provide customers with a unique experience because we can leverage technology in unique ways. That’s what our company has been doing from the beginning.”
While typical electric powertrains are largely silent, Ferrari engineers are working on a “sound signature” for its electric cars to replicate the signature roar of the internal combustion engine that has powered its sports cars since 1947.
Ferrari shares are off to a strong start into 2024, up nearly 29% year to date after rising 59% in 2023. The company posted record profits last year, with annual net profit rising 34% to more than 1 billion euros (approximately $1.08 billion). first.
Last week, research firm CFRA downgraded the stock to “hold” from “buy” due to the stock’s “significant gains” so far this year.
“While we continue to view the company as one of the auto industry’s most premium brands, with industry-leading gross margins (~50% in 2023), unparalleled pricing power, and a large backlog due to its global strength in luxury vehicles, “For brands, the stock’s current valuation now appears to reflect these positive factors,” CFRA senior equity analyst Garrett Nelson said in a research note. “
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