Ferrari’s (RACE) CEO, Benedetto Vigna, said on Monday the Italian luxury sports carmaker’s so-called e-building will be ready next summer. Although Ferrari’s first EV isn’t due out for at least another two years, Vigna claimed he doesn’t expect to see margins shrink.
Ferrari CEO says margins will be maintained with EVs
Speaking at Bloomberg’s Italy Capital Markets Forum, Vigna said during an interview, “We will be ready in June 2024” regarding the company’s new electric supercar factory.
The new e-building in its hometown of Maranello, Italy, is designed for manufacturing electric motors, inverters, and batteries in addition to an assembly line for EVs and hybrids.
Although Ferrari’s first purely electric vehicle isn’t scheduled to be released until the fourth quarter of 2025, Vigna denied the automaker was a laggard when it comes to electrification. The Italian luxury automaker’s leader recently reiterated that Ferrari would continue building ICE cars as part of its heritage.
Ferrari currently offers four hybrid models but has been slower than its peers to embrace fully electric technology, citing the need to support its current buyers.
For example, after revealing the all-electric Taycan in 2019, Porsche says the electric sports car is due for a “very steep” production ramp this year as it irons out supply chain issues.
Porsche Taycan (Source: Porsche)Porsche Macan EV is due out in 2024 (Source: Porsche)
Porsche is confident it will hit its 12% to 14% EV sales share market this year ahead of Macan EV sales slated to start next year and an electric Cayenne model the following year. The automaker also aims for a high-performance electric SUV to sit above the Cayenne as part of its strategy to increase operating margins by over 20%.
Interestingly, Vigna also stated during Monday’s interview he doesn’t expect to see margins fall with new EV models. Vigna also said Ferrari is not interested in buying or partnering with other sports carmakers.
Ferrari expects electric models and hybrids to account for 60% of its product offering by 2026, while by 2030, it aims for 40% pure electric, 40% hybrid, and 20% ICE.
Electrek’s Take
With an operating profit margin of 26.9% in the first quarter of 2023, Ferrari is among the highest in the industry due to their premium prices.
However, as many legacy automakers have realized, transitioning from gas vehicle production to EVs can be costly without the proper supply chain in place. Ferrari’s CEO is confident it will be able to maintain margins through the transition.
Analysts have raised concerns about Ferrari’s slow transition in the past. Last year, Citi analysts said they expect “structurally higher investment to drag on returns,” while Jeffries mentioned in a note last May, “Ferrari has looked a bit less exceptional in recent years, with returns coming off peaks and competitors raising their game.”
When Vigna took over the helm of Ferrari in 2021, coming from semiconductor giant STMicroelectronics, many believed he would steer the automaker in a cleaner direction.
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In his latest crackdown on e-bike riders, New York City Mayor Eric Adams is pushing for a new citywide e-bike speed limit of 15 mph (25 km/h), despite the fact that no one seems to know how it would actually be enforced.
The proposal, introduced last month as part of a broader package aimed at improving safety on city streets, would make it illegal to ride an e-bike over 15 mph. But experts, advocates, and even city officials are scratching their heads about how the rule would work in practice.
Most consumer e-bikes are already sold with speed limits in place: 20 mph (32 km/h) for throttle assist and 28 mph (45 km/) for pedal assist, per classifications used in the majority of states in the US. Yet those limits are controlled by the bike’s electronics, not by any city infrastructure.
According to reporting by Hell Gate NYC, even the Mayor’s own office couldn’t explain what the enforcement mechanism would look like, and no single agency has so far been put in charge of enforcing the speed limit. Will the city mandate software modifications such as those that limit Class 3 e-bikes to 25 mph (40 km/h) in NYC? Would they rely on radar guns like traditional speeding enforcement for cars? Install speed cameras that can identify bikes? So far, there are no answers.
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Citi Bike has already reduced its electric bicycle fleet’s speed limits to 15 mph, but that only impacts shared e-bikes used in the city. Complicating matters further is the fact that most delivery riders – who are clearly the unspoken target of this policy – don’t use mainstream e-bikes from the major manufacturers, or even those that can accept firmware updates to adjust speed and power. Many of them ride inexpensive, sometimes heavily modified throttle bikes purchased online or from bike shops like FLY that cater to these types of riders. Such e-bikes often lack more sophisticated software speed-limiting features, and few, if any, have any form of digital connectivity that could allow for remote speed capping.
City transportation experts note that enforcement of speed limits on e-bikes is nearly impossible without clocking and stopping each rider. Unlike cars, bikes don’t have license plates. And even if a bike is capable of going faster than 15 mph, it doesn’t mean the rider is actually breaking the law – unless caught in the act. Nearly every car in NYC can likely push close to or past 100 mph (160 km/h), despite the city wide’s vehicular speed limit of just 25 mph. Advocates have also questioned the wisdom of focusing on e-bike speed while car crashes continue to injure and kill far more people.
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Range Rover’s first EV was initially scheduled to arrive later this year, but that won’t be the case. JLR has delayed the launch of the Range Rover Electric after telling customers they will have to wait a little longer. However, that may not be the only EV JLR is delaying.
Range Rover Electric and Jaguar EVs are being delayed
Although the electric SUV was originally due to hit showrooms in late 2025, it’s now being pushed back until next year.
The British automaker claimed it needed more time for testing while it waited for stronger demand. However, there’s more to the story. According to The Guardian, Jaguar Land Rover wrote to clients waiting for the Range Rover Electric, telling them deliveries will not start until 2026.
Sources close to the matter said the delay could also impact two Jaguar EV models, including the radical blue-and-pink Type 00 Concept. Jaguar’s electric vehicles are expected to be delayed by several months.
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The news comes after JLR announced plans to cut up to 500 management positions in the UK this week. Britain’s largest carmaker was hit hard by the Trump Administration’s new auto tariffs.
Range Rover Electric SUV prototype testing (Source: JLR)
JLR’s sales plunged over 15% in the previous quarter after the company was forced to temporarily halt shipments to the US.
A company spokesperson confirmed that “By 2030 JLR will sell electric versions of all its luxury brands,” adding “we will launch our new models at the right time for our clients, our business and individual markets.”
Jaguar Type 00 first public debut in Paris (Source: Jaguar)
Range Rover’s first electric SUV has secured over 61,000 customers on the waiting list. JLR claims it’s currently undergoing “the most intensive testing any Range Rover vehicle has ever endured.”
An electric version of the Velar is due for a radical new look. It’s scheduled for production in April 2026, but that could also be delayed. An electric Defender is due out in early 2027.
Meanwhile, production on Jaguar’s new EV, its first since the I-PACE, is set to begin in August 2026. Jaguar’s electric GT is expected to cost over £100,000 ($135,000) as part of its brand revamp. Its second EV may not launch until December 2027 now.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes new e-bikes from Aventon and Lectric, a surge in Amish riding e-bikes, a wireless charging kickstand, cheaper electric motorcycles coming from Honda and LiveWire and more.
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Here are a few of the articles that we will discuss during the Wheel-E podcast today:
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