Ferrari delays second electric car to 2028 amid weak EV demand
The Italian supercar and hypercar maker, Ferrari is reportedly scaling back its electric ambitions due to underwhelming consumer interest. The iconic Italian automaker has now delayed its second EV model to 2028—two years later than originally planned—citing lackluster demand for electric performance cars, a report by Reuters stated.
Now, while there's a shift across the board to electric vehicles, electric supercars are still coming to grips with the market availability. Mate Rimac, founder of Rimac Automobili, and a key player in the EV hypercar market, suggests that the marketplace hasn't taken to electric supercars readily yet. If brand identity was built around visceral, petrol powered performance - like Ferrari, it presents a challenge to convince the client to go electric.
Also Read : Ferrari 12Cilindri roars into India with V12 power. Check details
Ferrari's first electric vehicle, launching in 2026, is predicted to be a flagship and limited-run symbolic launcher into the EV market. Generally, it is a milestone in making good on the promise to deliver an EV car. But rather than showing a move into EV themselves, the second model, touted to have a wider availability will be delayed. Limited appeal, limited volume
Historically, Ferrari sells between 5,000 to 6,000 units of its mainstream models over a five-year span. However, according to insiders quoted by Reuters, replicating this success with an electric version in the current market seems unlikely. Simply put, the appetite for an electric Ferrari isn't there yet—especially among traditional buyers who crave the roar of a combustion engine.
The delay not only reflects demand concerns but also provides additional time for Ferrari to refine its EV technologies. The company has filed patents for a simulated engine and transmission system designed to bring some of the tactile excitement of internal combustion to electric platforms, akin to what Hyundai has done with the Ioniq 5 N. Nonetheless, technological innovation alone isn't enough if customers aren't eager to buy in.
Also Read : Sales of Ferrari's first EV to start in October next year, says CEO Not just a Ferrari problem
Ferrari is not alone in revisiting its EV strategy. Lamborghini pushed its first EV back to 2029, while Maserati abandoned its electric MC20 altogether. This trend is part of a wider shift among the luxury performance market—where the emotional and sensory engagement with petrol power remains a huge draw. A strategic pause
Given EV purchasing is lower than forecast and governments easing cryptocurrency bans on fossil fuel vehicles, the likelihood of Ferrari's delay is a smart move. Rather than pushing forward into a market it did not advance enough for, Ferrari is tacking left, likely holding onto its desirability and avoiding a potentially costly mistake. However, the market can change quickly. If performance EVs take off, Ferrari will be forced to quickly transition and remain relevant.
In the meantime, the Prancing Horse will hang back to watch, wait, and prepare itself for the market to be ready for a Ferrari electric vehicle.
Check out Upcoming Cars in India 2024, Best SUVs in India.
First Published Date: 18 Jun 2025, 10:13 AM IST
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
28 minutes ago
- News18
When Gear Stick Wasn't Between Seats: It's Millennials' 'Papa Ki Car', Gen Z Can Call It...
The Gen Z need to know about this car, Fiat's Premier Padmini. It was more than just a household vehicle, it was also the heart of Mumbai's roads. 'Mere papa ke pass thi ye car," and that car was most likely a Premier Padmini — the backdrop of countless childhood memories. In the '80s, it wasn't just a car, it was 'the car.' It was the kind of vehicle families took pride in. What many didn't know back then was that the Padmini started its life as a Fiat 1100. It was brought to India under the Italian company's license. Before that, Premier was building American models like Plymouths and Dodge trucks under Chrysler. The name 'Padmini" was given after the Indian government pushed for more local production and it was chosen as a tribute to the legendary queen of Chittor. It came with a 1.1-litre petrol engine that made 40 bhp, and cost Rs 30,000. But it's real charm wasn't in its specs, it was in the little things especially the gear. Unlike today's cars, where you reach for the gear box between the front seats, the Premier Padmini had no gear box there at all. Instead, the gear lever was fixed to the steering column on the left side. A video shared by Harsh Chaudhary recently reminded people of this unique detail. This design allowed for a bench-style front seat which meant that three people could sit comfortably in the front. The gear itself followed a manual H-pattern. You would move it forward and up for first, straight down for second and so on. Each shift made a 'click" sound. At first glance, it looked confusing but it didn't take long to get used to. The video stirred up a wave of nostalgia online especially among millennials who had seen the car in their childhood or had memories of family members owning one. One user commented, 'I saw this system of steering mounted gears in my childhood. It looks complicated but once you know how to drive, you'll learn it easily." Another said, 'I grew up watching my uncle's Fiat Padmini glide through the streets—majestic, timeless, and full of character. Too young to drive back then, I could only imagine what it felt like behind the wheel. By the time I was ready, she was gone. I never got to drive her…" 'I am confused. Wonder how my grandfather got used to this," someone wrote. And then there was the iconic comment: 'Mere papa ke pass thi ye car." The Premier Padmini was more than just a household car, it was also the heart of Mumbai's roads. It entered the taxi market and soon it became impossible to think of Mumbai without imagining a kaali peeli Padmini moving through traffic. They ruled the streets for decades, until 2023 when the last few were officially taken off the road. For many, it felt like saying goodbye to a family member. Of course, the bond Gen Z has with the car is a little different. 'As Gen Z, my first experience through the Bombay streets was while travelling in these black beauty Padmini taxis. I vividly remember when I asked the name of this vehicle, my dad told me these were Premier Padminis. Now I'm bidding adieu – it's the end of a long ride. I view the end of this era with a sense of nostalgia and appreciation for these iconic cars. I also view the transition to newer and more technologically advanced taxis as a sign of progress and modernization in urban transportation," said Soumya Prabhu, who was 18 when she shared this back in 2023, as quoted by Free Press Journal. But not everyone feels the same pull. 'The fact that these taxis have gone off the road doesn't make much of a difference to me, since I don't remember them much. I haven't travelled in any of them," Janvi Goenka, 19 back then, said. Still for many, the love never really left. In January this year, a woman in Bengaluru named Rachana Mahadimane made her dream come true by buying a vintage Premier Padmini on her birthday. View this post on Instagram A post shared by Rachana Mahadimane (@rachanamahadimane) 'I am pinching myself as I talk to you because I bought a car on my birthday and not just any other car. It is the car of my dreams. I have been dreaming about this car since I was a child," she said. Padmini isn't just any car, it is clearly a bandwagon of memories. About the Author Shahrukh Shah Shahrukh Shah, Sub-Editor at News18, loves to write about everything that moves on wheels. With years of experience and the required skill sets, he is contributing to the auto section, where he let people know ...Read More Get the latest updates on car and bike launches in India — including reviews, prices, specs, and performance. Stay informed with breaking auto industry news, EV policies, and more, Also Download the News18 App to stay updated! tags : #TrendingNow Fiat viral news Location : New Delhi, India, India First Published: July 02, 2025, 10:00 IST News auto When Gear Stick Wasn't Between Seats: It's Millennials' 'Papa Ki Car', Gen Z Can Call It... | Watch
Hindustan Times
an hour ago
- Hindustan Times
Gold rate today: Prices in India rise after two-day drop
Gold prices in India increased on Wednesday after seeing two days of decline. The gold prices on Wednesday, July 2, were at ₹ 98,583 for 24 carat gold while the rate was ₹ 90,383 for 22 carat gold. Gold price declined in international market as investors wait for US payroll data amid uncertain labour market.(Pexels/Representational Image) There was a surge in gold prices across major cities with an overall price increase of around ₹ 1,000. Overall, across major cities the gold prices surged by ₹ 1,070 for 22 carat gold and by ₹ 1,160 for 24 carat gold per 10 grams. City 22K (per 10 grams) 24K (per 10 grams) Delhi Rs. 90,383 Rs. 98,583 Mumbai Rs. 90,237 Rs. 98,437 Chennai Rs. 90,231 Rs. 98,431 Bengaluru Rs. 90,225 Rs. 98,425 Kolkata Rs. 90,235 Rs. 98,435 Pune Rs. 90,243 Rs. 98,443 Among the major cities the gold rate of 24 carat gold was the most in Delhi, priced at ₹ 98,583. While it was the lowest in Bengaluru with price ₹ 98,425. In Mumbai gold was priced at ₹ 98,437 and in Chennai it was ₹ 98,431. In Kolkata the gold price was also around the same with ₹ 98,435. Follow for live updates on gold prices In terms of 22 carat gold price per 10 grams, gold prices declined by ₹ as compared to the prices on Tuesday. In Delhi, the gold rate was ₹ 90,383, while in Mumbai gold was priced at ₹ 90,237. For the metropolitan cities of Kolkata, Chennai and Bengaluru the gold rate was ₹ 90,235, ₹ 90,231 , ₹ 90,225 respectively. For 22 carat gold, the price was the highest in Delhi while it was the lowest in Bengaluru. Gold rate decline in international market After the rise of gold rates in the international market on Tuesday, prices edged lower on Wednesday. The prices come amid the investors still waiting for US payroll data and assessing Federal Reserve Chair Jerome Powell's cautious stance on rate cuts. With this, spot gold on Wednesday was down 0.2 per cent at $3,330.68 per ounce, while US gold futures fell 0.3 per cent to $3,340.60, Reuters reported. US job openings increased in May but a decline in hiring was seen with shifting labour markets due to Donald Trump's tariff uncertainty, Reuters reported. Investors now await for the employment data, due later in the day, and nonfarm payroll figures on Thursday for further insights into labour market conditions. Meanwhile, the US Senate Republicans narrowly passed Trump's tax-and-spending bill on Tuesday, a package cutting taxes, reducing social safety net programmes, and boosting military spending, while adding $3.3 trillion to the national debt.
The Hindu
an hour ago
- The Hindu
Intel's new CEO explores big shift in chip manufacturing business
Intel's new chief executive is exploring a big change to its contract manufacturing business to win major customers, two people familiar with the matter told Reuters, in a potentially expensive shift from his predecessor's plans. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. Since taking the company's helm in March, CEO Lip-Bu Tan has moved fast to cut costs and find a new path to revive the ailing U.S. chipmaker. By June, he started voicing that a manufacturing process that prior CEO Pat Gelsinger bet heavily on, known as 18A, was losing its appeal to new customers, said the sources, who spoke on condition of anonymity. To put aside external sales of 18A and its variant 18A-P, manufacturing processes that have cost Intel billions of dollars to develop, the company would have to take a write-off, one of the people familiar with the matter said. Industry analysts contacted by Reuters said such a charge could amount to a loss of hundreds of millions, if not billions, of dollars. Intel declined to comment on such "hypothetical scenarios or market speculation." It said the lead customer for 18A has long been Intel itself, and it aims to ramp production of its "Panther Lake" laptop chips later in 2025, which it called the most advanced processors ever designed and manufactured in the United States. Persuading outside clients to use Intel's factories remains key to its future. As its 18A fabrication process faced delays, rival TSMC's N2 technology has been on track for production. Tan's preliminary answer to this challenge: focus more resources on 14A, a next-generation chipmaking process where Intel expects to have advantages over Taiwan's TSMC, the two sources said. The move is part of a play for big customers like Apple and Nvidia, which currently pay TSMC to manufacture their chips. Tan has tasked the company with teeing up options for discussion with Intel's board when it meets as early as this month, including whether to stop marketing 18A to new clients, one of the two sources said. The board might not reach a decision on 18A until a subsequent autumn meeting in light of the matter's complexity and the enormous money at stake, the person said. Intel declined to comment on what it called rumor. In a statement, it said: "Lip-Bu and the executive team are committed to strengthening our roadmap, building trust with our customers, and improving our financial position for the future. We have identified clear areas of focus and will take actions needed to turn the business around." Last year was Intel's first unprofitable year since 1986. It posted a net loss attributable to the company of $18.8 billion for 2024. The Intel chief executive's deliberations show the enormous risks - and costs - under consideration to move the storied U.S. chipmaker back onto solid footing. Like Gelsinger, Tan inherited a company that had lost its manufacturing edge and fell behind on crucial technology waves of the past two decades: mobile computing and artificial intelligence. The company is targeting high-volume production later this year for 18A with its internal chips, which are widely expected to arrive ahead of external customer orders. Meanwhile, delivering 14A in time to win major contracts is by no means certain, and Intel could choose to stick with its existing plans for 18A, one of the sources said. Intel is tailoring 14A to key clients' needs to make it successful, the company said. AMAZON AND MICROSOFT ON 18A Tan's review of whether to focus clients on 14A involves the contract chipmaking portion of Intel, or foundry, which makes chips for external customers. Regardless of a board decision, Intel will make chips via 18A in cases where its plans are already in motion, the people familiar with the matter said. This includes using 18A for Intel's in-house chips that it already designed for that manufacturing process, the people said. Intel also will produce a relatively small volume of chips that it has guaranteed for and Microsoft via 18A, with deadlines that make it unrealistic to wait for the development of 14A. Amazon and Microsoft did not immediately comment on the matter. Intel said it will deliver on its customer commitments. Tan's overall strategy for Intel remains nascent. So far, he has updated his leadership team, bringing in new engineering talent, and he has worked to shrink what he considered bloated and slow-moving middle management. Shifting away from selling 18A to foundry customers would represent one of his biggest moves yet. The 18A manufacturing process includes a novel method of delivering energy to chips and a new type of transistor. Together, these enhancements were meant to let Intel match or exceed TSMC's capabilities, Intel executives have previously said. However, according to some industry analysts, the 18A process is roughly equivalent to TSMC's so-called N3 manufacturing technology, which went into high-volume production in late 2022. If Intel follows Tan's lead, the company would focus its foundry employees, design partners and new customers on 14A, where it hopes for a better chance to compete against TSMC. Tan has drawn on extensive contacts and customer relationships built over decades in the chip industry to arrive at his view on 18A, the two sources said.
