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Ferrari unveils the tech behind its first electric car, the Elettrica

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Ferrari has pulled back the curtain on the Elettrica, its first fully electric vehicle, marking a pivotal moment in the storied automaker’s 78-year history. The reveal took place at its Maranello headquarters, where the company showcased the car’s production-ready chassis, complete with battery pack and electric motor — but no exterior bodywork yet.

Set for a global debut next year, the Elettrica will feature a top speed of 310 km/h (193 mph) and a range of at least 530 km, slightly below Ferrari’s combustion models but still placing it among the fastest EVs in its class. In true Ferrari style, it will include a custom sound system that amplifies vibrations from the powertrain to create an authentic, non-simulated “electric Ferrari” sound.

“This is an historic day for us. We all have goosebumps,” said CEO Benedetto Vigna, stressing that the EV is meant to complement, not replace, Ferrari’s traditional lineup. “The EV is an addition, not a transition.”

The Elettrica, expected to cost around €500,000, will use 75% recycled aluminum and feature an integrated floor battery to lower its center of gravity for improved handling. Ferrari plans for 20% of its models to be fully electric by 2030, a more cautious approach than rivals like Porsche or Lamborghini.

Experts say the challenge will be delivering “an EV that feels like a Ferrari.” As former Aston Martin CEO Andy Palmer noted, the car must embody emotion and craftsmanship, not just speed — something that no €30,000 mass-market EV can replicate.

Ferrari’s stock plunges 16% as new 2030 goals underwhelm despite EV reveal

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Ferrari shares tumbled over 16% on Thursday, erasing nearly €13.5 billion ($15.7 billion) in market value, after investors were disappointed by the company’s 2030 financial targets unveiled alongside the debut of its first electric vehicle (EV) platform.

The luxury carmaker raised its long-term revenue goal to €9 billion by 2030, up from €7.1 billion projected for this year. However, analysts called the target “underwhelming” compared to market expectations. “People were expecting a higher top line,” CEO Benedetto Vigna said during the presentation in Maranello, adding that Ferrari preferred realistic goals over overpromising.

Ferrari also scaled back its EV ambitions, now targeting a 2030 lineup comprising 40% internal combustion engines (ICE), 40% hybrids, and 20% fully electric vehicles, compared to the 2022 plan that aimed for 40% EVs.

At the event, Ferrari unveiled the Elettrica, its first electric car, showcasing a production-ready chassis with in-house-designed battery packs and electric motors from its new “e-building” facility in Maranello. The car will feature over 1,000 horsepower and seat four but has no confirmed price or release date yet.

Analysts at Citi said the updated guidance “fell below consensus expectations,” triggering the sharpest one-day decline in Ferrari’s shares since early 2024.

The company reaffirmed plans to launch four new models annually between 2026 and 2030 and expand its luxury lifestyle business with “Tailor Made” centers in Tokyo and Los Angeles and flagship stores in London and New York.

Cadillac Unveils ‘Opulent Velocity’ Concept EV, Showcasing Future of High-Performance Luxury

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Cadillac has introduced the “Opulent Velocity,” an all-electric concept vehicle designed to demonstrate the future of the brand’s high-performance V-Series in the era of electric vehicles (EVs). Revealed at the Monterey Car Week and Pebble Beach Concours d’Elegance, the Opulent Velocity is a bold statement from General Motors, signaling how Cadillac intends to maintain its legacy of luxury and performance as it transitions into the EV market.

The Opulent Velocity concept car combines ultra-luxury with high-performance, reflecting Cadillac’s ambition to offer the best of both worlds in the future of automotive design. The V-Series, traditionally known for its powerful combustion engines like the 6.2-liter V8 Blackwing, is now being reimagined for a world increasingly dominated by electric powertrains.

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Bryan Nesbitt, Cadillac’s executive global design director, emphasized that the goal is to create a “hyper-performance machine” that also embodies the pinnacle of luxury. While electric vehicles are known for their impressive acceleration capabilities—often achieving 0-60 mph in under three seconds—Cadillac is looking beyond just speed. The brand aims to deliver a comprehensive performance experience, focusing on vehicle handling and integrating advanced technologies such as biometrics and GM’s Super Cruise driver-assistance system.

Cadillac has not disclosed extensive details about the Opulent Velocity, as concept cars are typically used to gauge customer interest and showcase potential future directions rather than being directly sold to consumers. The vehicle itself is a sleek, futuristic sports car, featuring striking “scissor” doors that open vertically—a design choice that underscores its modern, avant-garde aesthetic.

The Opulent Velocity is part of Cadillac’s broader strategy to elevate the brand into the ultra-luxury market, positioning itself against competitors like Lamborghini and EV startup Rimac, rather than traditional American rivals such as Lincoln. This move follows the introduction of the $300,000 bespoke Cadillac Celestiq, further signaling the brand’s upmarket ambitions.

Despite Cadillac’s bold moves in the luxury EV space, the brand has faced challenges in the market. Sales were down 1.7% in the first half of 2024 compared to the same period in 2023, with declines across all models except the all-electric Cadillac Lyriq crossover. The introduction of concept vehicles like the Opulent Velocity is part of Cadillac’s strategy to rejuvenate its image and attract a new generation of luxury car buyers.