Although its first fully electric supercar is not due out until next year, Ferrari is warning rivals about incoming Chinese EVs. Ferrari’s boss claims new competition from China should be a “call to action” for EU automakers.
Ferrari warns rivals with Chinese EVs surging
“For me, this is a call to action for Europe,” Benedetto Vigna, Ferrari’s CEO, said in an interview with BloombergTV.
The warning comes as tensions between China and Europe escalate ahead of the EU deadline to announce the results of Beijing’s EV subsidies. “People are defining it as a war but for me it’s a nice competition,” Vigna said.
In the wake of the trade dispute, China is threatening to retaliate with tariffs on imports. China is ready to introduce duties as high as 25% on vehicle imports with bigger engines.
These measures could severely impact luxury automakers like Porsche, Audi, and Range Rover, which represent most of China’s auto imports.
Ferrari is less exposed than its rivals, saying it will keep its China sales share below 10% due to existing tariffs.
“China is not for Ferrari what it is for other luxury brands,” according to Vigna. “The market in China is still not mature,” he explained.
The first electric Ferrari supercar coming
Vigna confirmed Ferrari plans to launch its first fully electric supercar by the end of next year. The Ferrari EV is expected to debut in Q4 2025.
Ferrari’s boss said its first fully electric vehicle “is going as planned, but some processes we are even ahead of schedule.” last November. Vigna claimed Ferrari took “a big-big step forward” in Q3 2023.
The supercar maker is also building a new EV factory in its hometown (Maranello, Italy). The site will build electric motors, inverters, and batteries for Ferrari’s electric cars. Vigna said the e-factory will be ready in June 2024.
Ferrari aims for 60% of sales to be hybrid and electric vehicles by 2026. The automaker launched its first PHEV, the SF90 Stradale, last year as it gears up for an electric future.
Ferrari’s first EV will be “unique in every aspect.” Vigna said several clients have already expressed interest in buying the first Ferrari EV. They’re “waiting for our green car,” Ferrari’s boss said.