Benzinga - by Anusuya Lahiri, Benzinga Editor.
Ferrari NV (NYSE:DAVA) CEO Benedetto Vigna has enormous expectations from its electric supercar debut, similar to those of its existing blockbuster combustion-engine models.
The company looks to launch its electric vehicle in the fourth quarter of 2025, Bloomberg Television cites Vigna in an interview on Thursday.
The premium automotive sector is exploring options to lower emissions following a decline in EV demand and government subsidies.
Also Read: Tesla’s Chinese Rival BYD Dives Into Luxury SUV Market, Unveiling Super 3 And Bao 8 Models To Rival Jaguar Land Rover
Ferrari is building a new factory in Maranello, Italy, for hybrid and electric supercars, which it is looking to showcase in late June.
The company also launched a new laboratory to research lithium battery cells in April.
According to Vigna, Ferrari looks to reinterpret the sound an electric motor makes for its first EV.
Vigna expressed customer interest in its first EV from varied age groups, including those younger than 50 and some higher age groups.
Ferrari reported fiscal first-quarter 2024 sales growth of 11% year-on-year to $1.72 billion (1.585 billion euros) in May, beating the analyst consensus of $1.71 billion (1.572 billion euros). Total shipments remained firm at 3,560 units. EPS of 1.95 euros beat the consensus estimate of 1.85 euros.
Ferrari expects fiscal 2024 net revenues of over 6.4 billion euros, against an estimate of 6.56 billion euros. The company expects fiscal 2024 adjusted EPS of a minimum of 7.50 euros, against an estimate of 7.77 euros.
Ferrari stock gained over 43% in the last 12 months. Investors can gain exposure to the stock via SPDR DJ Euro STOXX 50 Etf (NYSE:FEZ) and SPDR Portfolio Developed World Ex-US ETF (NYSE:SPDW).
Meanwhile, key EV maker Tesla Inc (NASDAQ:TSLA) reported first-quarter deliveries and production were 386,810 units and 433,371 units, respectively, down year-over-year and sequentially. The figures were also below analyst estimates.
Price Action: RACE shares were trading higher by 0.76% at $418.20 premarket at the last check on Thursday.
Also Read: Tesla’s AI Investments and Upcoming Shareholder Vote Would Determine Future Growth: Morgan Stanley Analyst
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