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Ferrari, a prestigious sports car maker, has recently unveiled its new 200-million-euro factory in Northern Italy dedicated to producing hybrid and electric vehicles. This move comes at a challenging time for the auto industry as it navigates the transition to electric vehicles amid slowing global demand and costly investments.

Despite the industry challenges, Ferrari sees an opportunity in electrification to reach a new consumer base including wealthy environmentalists. The company plans to launch its first fully electric model in late 2023 with the help of renowned designers.

The yet-to-be-named electric Ferrari remains shrouded in mystery with details such as battery life, appearance, production run, and price tag not yet disclosed. Analysts predict it could be one of the most expensive electric vehicles on the market, surpassing competitors like Porsche.

Ferrari’s Chief Executive, Benedetto Vigna, aims to have electric and hybrid cars make up 80 percent of the company’s output by 2030 to meet EU emissions mandates. Despite the shift towards electric, Ferrari’s traditional combustion engine models remain popular with long waiting lists.

The success of Ferrari in the industry has positioned it as one of the best performers in Europe with a market valuation higher than Ford or General Motors. The company’s profitability and luxury brand status make the transition to electric vehicles an interesting challenge, especially in maintaining the emotional connection associated with driving a Ferrari. Despite the challenges, Ferrari remains committed to its growth strategy and sees the electric vehicle as part of its future.

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