This article first appeared in The Edge Malaysia Weekly on November 10, 2025 - November 16, 2025

A few years ago, it appeared all the dreams of the global automakers were tinged with electricity. Electric vehicles, or EVs, were touted as the way forward, the most ideal solution in a world that was facing head-on the issue of climate change. However, the hype now is nowhere near as buzzy, and this is reflected in the changing priorities of some of the world’s biggest marques.

The latest is luxury automaker, Ferrari NV. At its recent Capital Markets Day 2025 (CMD2025) held in its hometown of Maranello in Italy, as part of its 2030 strategic plan, CEO Benedetto Vigna revealed that by 2030, the Italian supercar manufacturer would see a line-up that would comprise 40% internal combustion engines (ICE), 40% hybrid and 20% electric.

This is a notable shift from an earlier strategy that had EVs making up 40% of its line-up, a change that Ferrari says it made based on its client-centricity approach, the current environment and its expected evolution.

However, at the same event, Ferrari also reiterated its commitment to the segment and rolling out the first electric car in its history by first revealing the technology behind its components. The final look and price of the car, which for now is referred to as the Ferrari Elettrica, are still under wraps, but Vigna says this gradual reveal is so that a spotlight can be shone on the technology behind it.

This move into electric by a high-end brand such as Ferrari can be seen as an endorsement that EVs will have a place in the luxury car market. It is just becoming increasingly clear that the space they are taking up may not have been as wide or as dominant as first thought.

Apart from Ferrari, a number of other carmakers have also been pulling back on their EV plans as demand at a certain price point remains muted. In September, Porsche AG put the brakes on its plans for an EV roll-out due to the aforementioned weaker demand, citing pressures in key market China and the higher US tariffs. According to reports, this about-face will cost Porsche’s parent, the Volkswagen group, €5.1 billion (RM24.87 billion).

The signs were already there in 2024 when another big carmaker, Ford Motor, said it would be delaying the production of its new all-electric large SUV and truck, shifting instead to offering hybrid options across its entire American line-up by 2030.

Another unspoken point to bring up is competition, particularly from the Chinese brands. It is no secret that BYD Co Ltd has been aggressive in its expansion plans in all the markets it services, opening dealerships and showrooms in the heart of many Italian cities, such as Bologna, located a mere hour away from Ferrari’s main office.

When asked about the rise of BYD and its ilk, Vigna is quick to point out that the target market for Chinese carmakers is often mass, a world apart from Ferrari’s more high-end customers, comprising 180,000 Ferraristi to more than 400 million tifosi, the name given to the devoted-to-a-fault passionate fans of various sports teams, whether it be football, or in this case Formula One.

Saying that, Vigna adds that China would be a good opportunity for Ferrari to test the demand for Ferrari Elettrica given the country’s tax exemptions for new energy vehicles.

“What we are doing is trying to speed up the processes. Because in China, the client is used to the electric car, and that there is an appetite for our Ferrari.”

Although Ferrari does not discuss in detail what markets it focuses on, when asked how it views Southeast Asia, Vigna says, “I think there are other countries where Elettrica can be good. I think there are countries where our brand is also having some traction. Southeast Asia is important for us, Indonesia is one market where we also see opportunities. But in Asia, there may be more opportunities than we may think, especially among the younger generation.”

According to Ferrari, in markets where its presence is younger, the carmaker may need to do different things but at the same time ensure it is consistent in terms of the product offering. However, in the days that followed CMD2025, Ferrari’s share price did not react positively to the news; in fact its shares listed in Milan tumbled to a low of €325 on Oct 14, seeing some of the worst trading days since its listing in 2016. Since then, Ferrari has seen its share price rebound some, trading at around €350 at the time of writing.

The reason, according to various reports, was analysts being disappointed by Ferrari’s 2030 guidance, saying it fell short of expectations. Ferrari is expecting net revenue of at least €7.1 billion this year, which is up from its previous forecast of more than €7 billion. For 2030, net revenue is expected to be around €9 billion, with an earnings before interest, taxes, depreciation and amortisation (Ebitda) target of at least €3.6 billion.

During CMD2025, there had been some concerns raised over Ebitda margins, which chief financial officer Antonio Picca Piccon clarified, explaining that its target is to achieve between 38% and 40% by 2026, adding, “The guidance for this year is about 38.3%, so there is room for improvement. Of course, our day-by-day action is to try and reduce costs by as much as possible, while considering what we want to achieve in terms of the product.”

As Vigna explains, scarcity remains one of Ferrari’s key selling points as it lays down the road for the future.

“We keep delivering on our promises. We want to keep being unique. Agility is key over the next couple of years. I think there are opportunities on different fronts, but we need to make sure we deliver on our promises, always.”

There is one thing that Ferrari is continuing to hang its hat on, and that is the technology that hums beneath the hood of every car that rolls off its production floor. This is no more evident than in the attention to detail given to Ferrari Elettrica, the loving spotlight that was put on the components revealed during CMD2025, namely the production level chassis, with the back and front suspension, along with the powertrain.

While how the car will ultimately look still remains a mystery, Vigna says the final look is locked in, but gives no more details than that it would have four wheels, four doors, and that it would not be a supercar.

Briefly, the Ferrari Elettrica will have an 800-volt electrical architecture, a modular battery system built directly into the chassis of the car, and independent rear-wheel steering. Four independent electric engines are present, delivering full active corners and agility. That, along with 100 other small details, such as the chassis and the bodyshell being manufactured with 75% recycled aluminium,  and a lower centre of gravity, are what Ferrari says will make its EV stand out.

Ferrari calls it a product of a radically new and innovative approach, combining state-of-the-art technology with a superlative performance and emotional driving experience that has come to define the luxury car maker.

With the full look scheduled to be revealed in the first half of 2026, with orders to be taken later in the year, one possible hint as to how it might look could come from who Ferrari has decided to work with on this car — design house LoveFrom, founded by Jony Ive, a name familiar to anybody who has ever held any Apple device. As the tech company’s chief design officer until his departure in 2019, Ive played a key role in the designs of various Apple products.

There was one other particular development that Ferrari also pushed forward, namely the sound of the car. EVs are famous for being quiet, while the guttural roar of Ferrari’s V8 engine is something that is steeped in the Italian automaker’s heritage.

For its own EV, Ferrari baulked at putting in artificial sound but instead decided to embed special sensors into its powertrain. Using the example of an unplugged electric guitar, Ferrari engineers said it would pick up the natural sounds coming from the workings of the car — more evidence, according to the carmaker, of a technologically elegant solution.

“Elettrica is a new dimension for us. It is a new opportunity for us, and we will continue to develop in that field,” says Vigna.

Evoking emotion is a big selling point for Ferrari, something the carmaker is very open about. Walking through Ferrari’s head office in Maranello, it is hard not to be impressed by the crisp edges of the meticulously designed building. Specifically the e-building, where robotic arms whirr with almost frightening accuracy as parts are assembled before your eyes on the pristine white factory floor, broken up only by a line of Ferrari cars. Even if cars are not your passion, it is hard not to feel something when seeing a Ferrari car in person, the sensuous lines, a promise of power beneath a flawlessly spray-painted hood.

Ferrari realises that not everyone can come to Maranello to experience this first-hand, which is why one of its strategies is to bring Maranello to its clients.

The carmaker’s active client base has grown by around 20% since 2022, and to deepen engagement, it plans to open new “Tailor Made” centres in Tokyo and Los Angeles in 2027 to help customers add personal touches to their vehicles.

It also reaffirmed its lifestyle strategy expansion, with flagship stores planned in London and New York in 2026, offering a broader range of luxury goods and experiences for both Ferrari owners and their tifosi.

While the future of Ferrari’s venture into the EV space still remains a big question mark at this point, Ferrari chairman John Elkann summed up the luxury automaker’s purpose in his opening speech at CMD2025: “Reminded by the Medici family motto Festina Lente, which means to make haste slowly, we know that everything that grows must do so steadily to last.” 

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