On Thursday, Ferrari CEO Benedetto Vigna confirmed the luxury carmaker’s plan to launch its first electric model in 2025.
With bans on fossil-fuel vehicles scheduled for the next decade in China and parts of Europe, major carmakers are being pushed to spend more on EV development. Industry estimates put this cost at more than $250 billion through 2025.
“Everything we do will always focus on being distinctively Ferrari,” said Ferrari chairman John Elkann. “The opportunity set of electrification and electronics will allow us to make even more unique cars.”