Ferrari will produce its first-ever SUV later this year, and launch its first EV in 2025

The first electric vehicle by the company will be launched by the year 2025.

Benedetto Vigna spoke at the company's Capital Markets Day from his headquarters in Maranello, Italy.

hybrid and fully electric models will make up 60 percent of the company's sales in the next decade. The share will increase by the end of the decade.

Four hybrid models exist. The SF90 Stradale plug-in hybrid is the first of its kind and was inspired by the experience of a Formula 1 driver.

Maranello will be the location of the brand's electric motor and battery modules.

Ferrari is one of the last companies to reveal an EV. By the end of the decade, many cars will be fully electric.

While shifting from a legacy of big combustion engines to battery packs, they face a common challenge in maintaining their brand's exclusiveness. They will appeal to customers. It won't be close. EV will likely be emphasized in the marketing message from most ultra-luxury brands.

The weight, sounds, engine power density and emotional experience of the EV will be what distinguishes it from the rest. The brand will stick to its longstanding philosophy of ensuring exclusiveness.

Benedetto Vigna said that the company always delivers one car less than the market requires. This will never change according to me.

The company plans to develop its EV through partnerships that will give it access to technology, but won't ruin the company's bottom line. The $1 billion to $2 billion required to build a battery-electric model from scratch is difficult to justify for low-volume manufacturers.

Large manufacturers such as Ford and Volkswagen are investing a lot of money to improve their battery-electric lineups. A group of EV manufacturers that went public by merging are struggling to find funding.

Electric Last Mile Solutions plans to file for Chapter 11 after trying to launch an electric vehicle. The FF 91 sports car will be followed by a mass-market sedan, but the company does not have the money to make it.

The Purosangue will be the first SUV to be powered by the V12 engine. The SUV is expected to cost $300,000 when it arrives at dealerships.

The SUV segment is very profitable due to rising consumer demand. After its dealer showroom debut, the Purosangue's closest competitor, the Urus SUV, became the brand's bestselling vehicle. The first SUV in the lineup is comprised of 40% of the lineup.

The Purosangue will make up less than 20% of the company's sales.