Ferrari EV seem taken a toll over $500000

Luxury automaker Ferrari will unveil its first electric car next year, and according to a Reuters report, it is expected to cost more than $5,00,000 (about Rs. 4.17 billion) before options. While the amount may not seem like much, remember that due to high taxes on imported luxury vehicles, Purosangue prices start at $3,98,350 (Rs. 3.32 billion) in the US and Rs. 10.5 million in India.

Leaked patents show that it is a two-seater car with an electric motor in both wheels. Ferrari is also working on its second electric car, which is under development. The automaker is also preparing to open a new factory in Italy, which will open this week and be fully operational in 3-4 months.

It can build electric cars, hybrids and ICE cars. The new factory in Maranello, northern Italy, will help boost annual production to around 20,000 units. “Demand for Ferrari is growing,” said Fabio Caldato, portfolio manager at AcomeA SGR, which owns Ferrari shares. The waiting list for some models can be up to two years.

“It hasn’t shrunk,” he added, noting that emerging markets such as India and the Middle East have seen an increase in potential high-net-worth customers. “Being on the waiting list is a status symbol in itself.”.