Despite a resurgence of gas-powered cars, Ferrari, the Italian luxury car brand, plans to release its first electric vehicle, valued at a staggering $500,000.
The car company, known for its exclusivity, will double down on its famously high price tags and bet on the pockets of the ultrawealthy while others have begun lowering their prices, according to Reuters.
The new EV, projected to cost around $535,000, will be a steep incline from the price of gas-powered vehicles in this year’s first quarter. Traditional vehicles usually clock in at about $375,000, taking into account the 15% to 20% increase that surfaces in customization. The $535,000 attached to Ferrari’s electric vehicle is a calculation before any additional personalizations.
With an EV, Ferrari will enter a market amid stagnation. Declining demand, coupled with a rush of new sellers, has driven many, including the…
