Italian sports car-maker Ferrari has announced plans to electrify at least 60 percent of its cars by 2026. The plans are in line with most other automakers from around the world who are also investing massive amounts of money towards electrifying their portfolio. In fact, Volkswagen is even planning to overtake Tesla to become the top EV manufacturer in the world by 2025. American automakers are getting in on the EV bandwagon as well, despite America’s obsession with gasoline.
GM is one of the leading American auto makers that have committed to doing away with internal combustion engines entirely by 2035. The company is planning to launch 30 new EVs under the Chevy, Cadillac and GMC brands by 2025. Ford, meanwhile, has said that its passenger vehicle line-up in Europe will be all-electric by 2030. The electrification drive is not restricted to mainstream automakers, either. Niche brands like Bentley and luxury automakers like BMW have also laid out detailed plans to electrify many models in their respective lineups before the end of this decade.
Ferrari on Thursday announced plans to launch its first all-electric sports car by 2025. It will be among 15 new models that the company is planning to release between 2023 and 2026. The company also claimed that 60 percent of its portfolio will include hybrid and all-electric vehicles by 2026 as part of its plans to become carbon neutral by 2030. Towards that end, the company plans to invest about 4.4 billion euros ($4.6 billion) by 2026 to develop multiple fully electric and plug-in hybrid (PHEV) models. The electrification push, however, will not come at the expense of combustion engine development, as gas-powered models will still account for at least 20 percent of Ferrari’s entire lineup by the end of this decade.
Ferrari Planning Massive Investments In EV
As part of its electrification drive, Ferrari said that it will expand its factory in Maranello, Italy, to make EVs and assemble batteries. By 2025, the company plans to spend 35 percent of its total budget on EVs, while 25 percent of the spending will be on traditional ICE vehicles. Ferrari is also set to unveil its first SUV called the Purosangue in September, but there’s no word on whether it will also be available in an electric avatar in the future.
Environmental activists and EV proponents would be happy to see Ferrari looking to transition to fully-electric cars. From the consumer point of view, it is easy to see the performance advantage that Ferrari would have by moving to electric. EVs are already known for blazing straight-line speeds, with the Tesla Model 3 Plaid holding multiple quarter-mile records. The car has already broken its own world record multiple times over the past year, while supercars like the Ferrari F8 Tributo, Lamborghini Hurracan, Porsche 911 Turbo, Shelby GT500 have proven to be no match for it on a drag strip. That kind of beastly straight line speed, combined with the famed Ferrari handling and aerodynamics, would likely make Ferrari’s first EV a hypercar like no other.