The world's top luxury automakers are starting their electric motors in an effort to win the race for high-end consumers.
Ferrari is the latest to join the ranks of supercar manufacturers looking to make the switch.
At the company's capital markets day in Maranello, Italy, Ferrari chief executive Benedetto Vigna said the company has plans for 60% of its sales to come from hybrid and electric models by 2026. That number is expected to rise to 80% by 2030, according to a report in TechCrunch.
Ferrari is already racing to market with four hybrid models -- the first of which launched in 2019. That $513,000 SF90 Stradale marked Ferrari's turn around the sustainable vehicle track.
With this latest launch of a fully electric vehicle, Ferrari joins the ranks of Bugatti, Bentley, Lamborghini, Rolls-Royce, Aston Martin and McLaren with electric offerings or announced plans to be fully electric by the end of the decade.
Even as these established automakers take their turn on the electric track, challenger brands are plotting their own push into the market.
These are companies like Piëch Automotive, the eponymous car company founded by one of the scions of the Porsche family fortune.
Even as luxury automakers rely on component manufacturers and strategic partnerships to supply its battery-electric powertrains, they're banking on the exclusivity of their brand and the sensory experience of luxury craftsmanship to appeal to new buyers.
“At Ferrari we always deliver one car less than the market demands,” TechCrunch quoted Vigna saying. “I can assure you that this will never change.”