Ferrari Delays Second EV Launch to 2028 Due to Weak Demand

Ferrari, the iconic Italian automaker known for its powerful combustion engines, has announced a significant delay in the launch of its second electric vehicle (EV). Originally planned for release in 2026, the second EV is now expected to hit the market no earlier than 2028. This decision comes as the company grapples with weak demand for high-performance luxury EVs, a market segment that has proven to be more challenging than anticipated.

The delay is attributed to several factors, including the lack of the signature "roar" from combustion engines, which is a key selling point for many affluent buyers. Additionally, electric batteries are heavier and provide less sustained power compared to traditional combustion engines. These challenges have made it difficult for Ferrari to meet the high expectations set by its combustion-engine models.

Ferrari began selling hybrid models in 2019 and is set to unveil its first EV in a three-phase launch starting this October. The global debut of the first EV is scheduled for next spring, with initial customer deliveries expected in October 2026. The company's internal plans, which have not been publicly disclosed, initially targeted the release of the second EV around the end of 2026. However, this has been pushed back to at least 2028, with one insider noting that there is "no sustained real demand" for electric sports cars.

The delay provides Ferrari with additional time to further develop the internal technology for its second EV. Despite the setback, Ferrari remains committed to its long-term plan of selling EVs, although it has not publicly disclosed any details beyond the first model. Other sports car manufacturers are also facing similar challenges. Lamborghini, an Italian competitor under the Volkswagen Group, postponed the release of its first EV from 2028 to 2029. Porsche has scaled back its EV plans due to sluggish sales of its electric Macan SUV and Taycan models. Earlier this year, Stellantis' luxury brand Maserati canceled plans for an electric version of its MC20 sports car.

Ferrari's second EV is seen as a pivotal moment in the company's electrification strategy, while the first model is more of a symbolic milestone to fulfill the promise of launching an EV by 2026. The first EV, designed with input from former Apple chief design officer Jony Ive, is expected to have a price tag exceeding 500,000 USD and is described as "non-typical" for Ferrari, being larger than standard models but not an SUV. The second EV is anticipated to better align with Ferrari's product strategy, with typical models selling around 5,000 to 6,000 units over a five-year period. However, current customer interest makes this target challenging to sustain.

Ferrari is set to present its new long-term business plan to investors on October 9. This plan will likely provide more insights into the company's strategy for navigating the challenges of the EV market and maintaining its position as a leader in the luxury automotive sector. The delay in the second EV launch underscores the complexities and uncertainties that automakers face as they transition to electric vehicles, highlighting the need for continued innovation and adaptation in this rapidly evolving industry.