Ferrari Vows Electric Shift Won’t Eat Up Its Luxury Margins

Ferrari’s Maranello complex in northern Italy is a pretty cool place. There’s a space ship-looking wind tunnel designed by Renzo Piano, you can hop into a Formula One racing simulator, and a short stroll from the main factory, there’s a mouth-watering museum filled with shiny supercars like the 1990s F50. Now Ferrari is overhauling the site to make battery-powered cars.

Just a few hours ago in Maranello, CEO Benedetto Vigna presented his long-awaited strategy on how to electrify the brand synonymous with prancing horses. Ferrari will invest some 4.4 billion euros ($4.6 billion) to develop fully electric and plug-in hybrid models that will make up 60% of its portfolio by 2026. The company will retool Maranello to produce EVs and assemble battery modules — confirming a plan my colleagues Daniele Lepido and Chiara Remondini first reported last week. The first fully electric Ferrari will hit showrooms in three years.