Ferrari likely to delay its second EV model due to weak market demand

In yet another sign of compounding trouble for the near future of electric vehicles, Ferrari has reportedly delayed plans for its second fully electric model to at least 2028. The second EV of the Italian supercar manufacturer was earlier scheduled to hit the markets in 2026.
Reuters, quoting two sources close to the matter, said this was because of a lack of demand for high-performance luxury EVs.
Ferrari is expected to unveil its first fully electric car later this year in October, with deliveries starting October 2026.
In a post-earnings call last month, Chief Executive Benedetto Vigna had said Ferrari would only show the 'technological heart' of its EV in October, as part of a three-stage unveiling process culminating with its world premiere in the spring of 2026.
Ferrari delays second EV
One of the sources told Reuters that real, sustainable demand is non-existent for an electric sports car.
The source added that most automakers have struggled to overcome the fact that EV batteries are far too heavy, which tends to impede speed, and lack the sustained power of a fossil-fuel engine.
Some of the petrol and hybrid Ferrari models, which are known for their powerful engines that produce an iconic roaring sound when accelerated, have waiting periods of nearly five to seven years.
Ferrari declined to comment on the development when approached by Reuters. The company is expected to present its new long-term business plan to investors on October 9.
In December last year, Ferrari's Italian rival Lamborghini also delayed the launch of its first electric model by one year to 2029. Germany's Porsche also cut back its plans for EVs amid soft sales of its electric Macan SUV and Taycan models. And earlier this year, Maserati, the luxury brand of Stellantis, cancelled plans for an electric version of its MC20 sports car.
Tesla, which has long been the bellweather for electric vehicles, has seen a massive decline in sales, partly due to competition from Chinese manufacturers, and also the growing dissent against founder Elon Musk.
Ferrari's first EV is co-designed by former chief designer of Apple, Jony Ive, who has since joined OpenAI after a takeover of his company io by the ChatGPT owners. However, Ive has said he will continue to work with Ferrari.

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