In what appears to be a 180-degree change of position, sports car maker Ferrari has announced that it plans to release its first fully electric vehicle in 2025. This is much earlier than its previous statements on the matter had indicated.
During the Italian company’s annual meeting held last week, Ferrari chair John Elkann announced that the company would unveil its first EV mid this decade. Elkann’s announcement was despite the fact that, less than six months earlier, Louis Camilleri, who was then CEO of Ferrari, had emphatically stated that the Prancing Horse would never transition into a fully electric vehicle maker.
In contrast, Elkann revealed that the company was excited to be working towards unveiling its first EV in 2025, adding that the automaker would press ahead with implementing the electrification program in a disciplined manner.
It should be noted that Ferrari released a hybrid vehicle back in 2019. This hybrid, called SF90 Stradale, was acclaimed by car enthusiasts and journalists who specialize in covering the motor industry.
Despite that critical acclaim, Camilleri revealed that at the earliest, the company would release its first fully electric vehicle by the end of the decade. He added that customers who bought Ferraris were finding it hard to buy into the idea of a fully electric sports vehicle. In November 2020, Camilleri went as far as to say he couldn’t picture Ferrari going all electric, or even having half of its models as electric vehicles during his lifetime.
Now Camilleri is out of the company, and Ferrari has set a firm date for unveiling its first fully electric vehicle, with plans to make many more.
However, consumers shouldn’t be under any illusion that Ferrari is abandoning its powerful fossil-fuel powered vehicles. In fact, Elkann hinted at the release of three new Ferraris in the coming months, but the chairman didn’t divulge any details about those vehicles.
He also said that the Purosangue, which is Ferrari’s answer to the Urus SUV made by Lamborghini, will be unveiled next year, and that the vehicle was shaping up to be special.
At the moment, the Prancing Horse isn’t only consumed by the need to develop new cars; the company has also renewed its efforts to hire a new CEO as Elkann is only occupying that position on a temporal basis until a substantive CEO is hired. If the current interest is anything to go by, the new CEO is likely to be one who is fully invested in the electrification of the company.
As Ferrari enters the EV market share race, it will find lots of companies, such as Ideanomics Inc. (NASDAQ: IDEX), which have had a head start in the different segments in which they operate. Only the strong will survive!
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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