Exclusive-Ferrari delays second EV model to at least 2028 because of weak demand, sources say

By Giulio Piovaccari

MILAN (Reuters) -Ferrari has delayed plans for its second fully-electric model that was due out in 2026 to at least 2028, because of a lack of demand for high-performance luxury EVs, two sources close to the matter told Reuters.

Known for its roaring petrol engines, Ferrari has sold hybrid models since 2019 and will begin unveiling its first EV in October this year in a three-stage process culminating in a world premiere in the spring of next year.

First deliveries to customers are expected in October 2026.

Aside from the lack of a throaty roar that comes with an electric sports car - the top selling point for many wealthy buyers - automakers have struggled to overcome the fact that EV batteries are far too heavy and simply lack the sustained power of a fossil-fuel engine.

As part of Ferrari's undisclosed internal plans a second EV model was planned for around the end of 2026. But now it is not expected before 2028, one of the sources said, who added that real, sustainable demand is non-existent for an electric sports car.

The source said low market interest would also give Ferrari time to further develop in-house technology for its second electric vehicle, although soft demand remained the main reason for the delay.

Ferrari declined to comment.

Both sources declined to be named due to the sensitivity of the matter.

Ferrari has announced long-term plans to sell EVs and Reuters previously reported Ferrari has a second EV model under development, but the carmaker has not publicly disclosed any plans beyond its first EV.

Other sports car makers have already postponed or scaled back their electric ambitions because of a lack of consumer interest.

Ferrari's Italian rival Lamborghini, a unit of Volkswagen, said in December it will launch its first electric model in 2029 instead of 2028 and Germany's Porsche cut back its plans for EVs amid soft sales of its electric Macan SUV and Taycan models.

Earlier this year Maserati, the luxury brand of Stellantis, cancelled plans for an electric version of its MC20 sports car.

The plan for a second Ferrari EV has been delayed twice by the Maranello, Italy-based company. Initially there was a one-year postponement, but now the model will launch in 2028 at the earliest, the second source said, adding that demand for high-performance is currently "zero".

The source said that internally, Ferrari's second electric car is seen as the real game changer for its EV strategy, while the first one is more of a low-volume, symbolic milestone model that will meet its promise to launch its first EV in 2026.

Ferrari's first EV, which was co-designed by former Apple Chief Design Officer Jony Ive, will cost over $500,000, Reuters reported last year. One of the sources described it as an atypical model for Ferrari, saying it would be larger than normal, but it would not be an SUV.

The source said the second EV model will be more in line with the company's strategy of delivering around 5,000 to 6,000 units over a five-year lifespan for a typical Ferrari model, which is currently unsustainable because of a lack of customer interest.

Ferrari will present its new long-term business plan to investors on Oct. 9.

(Reporting by Giulio Piovaccari in Milan; additional reporting by Nick Carey in London; editing by David Evans)