Italian luxury car manufacturer Ferrari has announced the pricing for its highly anticipated first electric vehicle (EV). According to sources, the EV will come with a price tag of at least €500,000 ($535,000), reaffirming Ferrari's commitment to exclusivity and high-end performance.

Preparations for Ferrari's foray into the EV market have been in motion for some time. The company has been transitioning its Maranello factory to include production lines dedicated to electric cars. By 2022, one of the production lines is set to be fully-dedicated to EV manufacturing. Ferrari has also set a goal of having 40% of its sales be fully electric by 2030.

To facilitate production, Ferrari is building a new production facility called the e-building near Maranello. This state-of-the-art facility will house an assembly line capable of building EVs, gas-powered, and hybrid vehicles. The source stated that the new production line will be fully operational within the next three to four months.

Although specifics about the first EV remain undisclosed, reports indicate that a second Ferrari EV is already in the early stages of development. Reflecting the legacy of the brand, this second EV is expected to cater to the ultra-wealthy, further cementing Ferrari's reputation as a symbol of affluence and exclusivity.

Owning a Ferrari vehicle has long been associated with notoriety and status. Fabio Caldato, a portfolio manager at AcomeA SGR, a Ferrari shareholder, highlighted that being on the waitlist for a Ferrari is considered a significant achievement in itself.

Ferrari CEO, Benedetto Vigna, acknowledged the impact of Tesla's disruptive presence in the automotive industry, calling it a "wake-up call." However, Vigna emphasized that Ferrari's approach to EVs will differ from Tesla's. He praised Tesla for accelerating processes and decisions in the industry but highlighted Ferrari's commitment to maintaining its own unique identity.

As Ferrari prepares to enter the EV market, enthusiasts and luxury car aficionados eagerly await further details about the first model's specifications and performance. With its hefty price point and dedicated production facility, Ferrari's entry into the EV market is bound to make waves in the automotive industry.

With the pricing now revealed, anticipation builds for the formal launch of Ferrari's first EV. However, prospective buyers should be ready to dig deep into their pockets to own a piece of automotive history. As Ferrari continues to push the boundaries of performance and luxury, their electrified future promises to be just as thrilling as their iconic combustion engine vehicles.