Ferrari’s first electric car to cost more than €500,000

Ferrari is said to be working on a second electric model as well. 

The move will be seen as a vote of confidence in the luxury electric vehicle (EV) market, at a time when other brands such as Porsche and Aston Martin have sounded a note of caution about customer enthusiasm for electric cars. 

Lawrence Stroll, Aston’s billionaire owner and chairman, has previously warned that many drivers still wanted “the sports car smell and feel and noise”. 

In an attempt to replicate the “driving pleasure” of petrol cars, Ferrari has patented technology that will preserve the signature roar of its engines even after electrification.

The technology will amplify sounds from the electric motor and drivetrain, adjusting the note and volume to correlate with the power being delivered, according to filings made last year.

By the end of this decade, the carmaker has said it wants electric vehicles (EVs) to account for 40pc of its line-up.

Ferrari plans EV factory

It comes as Ferrari is preparing to open a factory that will make its first electric models.

The site will be in the brand’s Italian home town of Maranello, in Emilia-Romagna, and will also make petrol and hybrid cars. 

It is expected to boost the company’s annual production capacity to 20,000 cars, compared to under 14,000 cars last year.

A source told Reuters it was expected to open within three to four months, slightly behind schedule from an originally planned opening date this month.

Rival Lamborghini is preparing to put its first EV on sale in 2028.

Ferrari’s first EV, though pricey compared to mass-market models, is by no means set to be the most expensive electric car yet.

Japanese engineering firm Aspark is developing the Aspark Owl hypercar, which will cost $3.5m and has a top speed of 272 miles per hour.

The Lotus Evija also costs more than £2m, while Croatia’s Rimac Nevera starts at €2m.