Ferrari plans EV debut this October as profit rises
Carmaker says it doesn’t plan to accelerate shipments to US to beat tariffs
04 February 2025 - 21:51
byGiulio Piovaccari and Keith Weir
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A Ferrari logo in Maranello, Italy, June 21 2024. Picture: REUTERS/DANIELE MASCOLO
Milan — Ferrari said on Tuesday it was preparing the launch of its first fully electric vehicle (EV) in October and had targeted an increase of at least 5% in revenue and core earnings this year.
Breaking its tradition for roaring petrol engines, Ferrari’s much-awaited EV will be showcased at a capital markets day on October 9, at the company’s Maranello base in Italy, CEO Benedetto Vigna said.
That’s at the beginning of the fourth quarter, the period Ferrari has repeatedly flagged for the launch.
Vigna declined to provide details about the model, saying only it would be launched “in a unique and innovative way”.
The EV will be one of six new models the company plans to roll out this year, Vigna said, adding its plans would not be affected by the policies of the Trump administration in the US or by the risk of a trade war.
Ferrari started offering its wealthy clients hybrid models in 2019, which accounted for 51% of its car sales last year.
The Italian company on Tuesday forecast its earnings before interest, taxes, depreciation and amortisation (ebitda) would increase to at least €2.68bn in 2025, from €2.56bn in 2024.
Milan-listed shares in the company were up 7.6% at 4pm GMT.
‘Robust growth’
Demand for personal touches on cars, a strong product mix and pricing power drove a 12% increase in 2024 ebitda.
“On these solid foundations, we expect further robust growth in 2025,” Vigna said, adding this would allow Ferrari to meet one year in advance the high-end of most of its profitability targets set for 2026.
Ferrari buyers often add individual touches to their cars at extra cost, mainly relating to paint, livery and use of carbon fibre.
They amounted to about 20% of total revenue last year compared to 19% in 2023, CFO Antonio Picca Piccon said, adding the company saw a similar level in 2025.
An increase in deliveries to US clients also supported the 2024 result. But there were no plans to accelerate shipments there to try to get ahead of possible tariffs, Vigna said.
Ferrari, which last year delivered 13,752 cars, 89 more than in 2023, has a cap of 10% on deliveries to China. Net revenues were €6.67m, up 11.8% versus prior year.
Operating profit was €1,88m, up 16.7% year on year.
Vigna said China, where EVs are highly popular, could provide an opportunity for the new EV model, also due to lower taxes there than on petrol vehicles.
Any planned change to Ferrari’s sales cap policy in China would be communicated at the capital markets day in October.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Ferrari plans EV debut this October as profit rises
Carmaker says it doesn’t plan to accelerate shipments to US to beat tariffs
Milan — Ferrari said on Tuesday it was preparing the launch of its first fully electric vehicle (EV) in October and had targeted an increase of at least 5% in revenue and core earnings this year.
Breaking its tradition for roaring petrol engines, Ferrari’s much-awaited EV will be showcased at a capital markets day on October 9, at the company’s Maranello base in Italy, CEO Benedetto Vigna said.
That’s at the beginning of the fourth quarter, the period Ferrari has repeatedly flagged for the launch.
Vigna declined to provide details about the model, saying only it would be launched “in a unique and innovative way”.
The EV will be one of six new models the company plans to roll out this year, Vigna said, adding its plans would not be affected by the policies of the Trump administration in the US or by the risk of a trade war.
Ferrari started offering its wealthy clients hybrid models in 2019, which accounted for 51% of its car sales last year.
The Italian company on Tuesday forecast its earnings before interest, taxes, depreciation and amortisation (ebitda) would increase to at least €2.68bn in 2025, from €2.56bn in 2024.
Milan-listed shares in the company were up 7.6% at 4pm GMT.
‘Robust growth’
Demand for personal touches on cars, a strong product mix and pricing power drove a 12% increase in 2024 ebitda.
“On these solid foundations, we expect further robust growth in 2025,” Vigna said, adding this would allow Ferrari to meet one year in advance the high-end of most of its profitability targets set for 2026.
Ferrari buyers often add individual touches to their cars at extra cost, mainly relating to paint, livery and use of carbon fibre.
They amounted to about 20% of total revenue last year compared to 19% in 2023, CFO Antonio Picca Piccon said, adding the company saw a similar level in 2025.
An increase in deliveries to US clients also supported the 2024 result. But there were no plans to accelerate shipments there to try to get ahead of possible tariffs, Vigna said.
Ferrari, which last year delivered 13,752 cars, 89 more than in 2023, has a cap of 10% on deliveries to China. Net revenues were €6.67m, up 11.8% versus prior year.
Operating profit was €1,88m, up 16.7% year on year.
Vigna said China, where EVs are highly popular, could provide an opportunity for the new EV model, also due to lower taxes there than on petrol vehicles.
Any planned change to Ferrari’s sales cap policy in China would be communicated at the capital markets day in October.
Reuters
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