Recent announcements from Ferrari represented a mixed bag for electric vehicle enthusiasts. Along with unveiling details about the iconic company's first fully EV, the automaker also revealed that it was significantly cutting back on its future EV plans, according to Bloomberg.
Ferrari's Elettrica will feature four separate electric motors, one for each wheel, providing the equivalent of 1,000 horsepower. Deliveries are expected to begin in late 2026, per Bloomberg.
"The new electric Ferrari once again shows how we merge technological rigor, design creativity, and artisanal excellence as we move forward," said John Elkann, Ferrari's executive chairman, according to Bloomberg.
The Elettrica will be able to go from 0 to 62 miles per hour in just 2.5 seconds while boasting a range of about 330 miles. The EV will be capable of reaching a top speed of over 190 miles per hour, Ferrari said, per Bloomberg.
At the same time, however, Ferrari made clear that it would be dramatically cutting back on EV goals it announced in 2022. Rather than aiming for 40% of its vehicles to be fully electric by 2030, Ferrari has slashed that goal to only 20%. Meanwhile, the company will be seeking to have a lineup that features 40% gas-powered vehicles and 40% hybrids, Bloomberg reported.
Despite this dramatic change of course, Ferrari executives continued to voice their commitment to delivering the automaker's "unparalleled sportiness into the electric era without compromises and ensuring clients have a differentiated offering to choose from," per Bloomberg.
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While Ferrari has scaled back its EV ambitions, other automakers have continued to move forward with the electric-vehicle transition. Although the economics that impact everyday consumers might not apply to Ferrari's highly select clientele, a growing number of people have been turning to EVs to save money on fuel and maintenance costs while also helping to reduce planet-heating pollution.
Automakers in general have voiced optimism over EV sales, with figures for the third quarter of 2025 setting all-time records for electric vehicle purchases, according to CNBC. While sales were fueled by consumers seeking to take advantage of expiring federal tax credits, which ended Sept. 30, companies expressed optimism that the widespread adoption of EVs would continue.
Cox Automotive forecasted that EV sales for Q3 2025 would reach a record of 410,000, up 21% from the year prior, per CNBC.
In addition to lower maintenance costs, EVs can also save drivers thousands of dollars per year on gas, according to the Department of Energy.
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