AN iconic supercar brand is set to launch its first ever EV, with a new factory already in the works.
The luxury car giant is planning to open a new facility in Italy to produce its new all-electric models.
Ferrari boss Benedetto Vigna confirmed that the company was on the right track in developing a new electric car.
Last Thursday he told reporters: "Ferrari’s first fully electric model project is going as planned but for some processes, we are even ahead of schedule."
He added that the company had made a "big step forward" in the third quarter of this year and had "made a lot of progress in optimizing" the design.
This reportedly adds up to some technical elements of the project being completed quicker than expected, according to Automotive News.
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The as-yet-unnamed model will be the brand's first car to rely entirely on electric power.
It will join the hybrid 26 and SF90 models in its reduced-emission lineup.
However, fans shouldn't get excited just yet, as it is not expected to hit showrooms for at least another two years.
Vigna declined to reveal who would supply the battery for the new motor, pointing out that this is not even public knowledge when it comes to the existing hybrids.
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But he did say that the plan was to release the groundbreaking EV in the final quarter of 2025.
This will be preceded by the establishment of a new e-factory in Ferrari's hometown Maranello in northern Italy.
The plant will produce electric motors, inverters and batteries for EV and hybrid models and is expected to be up and running in June.
Its opening is a key step towards Ferrari's goal of 40% of its lineup being electric by 2030.
Nonetheless, it will face stiff competition from other supercar brands entering the EV space, with companies like Rimac already producing high-end electric speedsters for several years.
It comes after it was reported that a housing development may be scrapped to make way for an EV charging hub.
Meanwhile, a mystery has developed concerning a £1.5 million Ferrari that was stolen two decades ago.
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