Ferrari’s first electric vehicle isn’t just a step towards reducing the automaker’s overall emissions, but it could also play a pivotal role in reviving the brand’s sluggish sales in China. However, despite the growing importance of EVs in China’s market, locals will have to exercise some patience, as deliveries of the Elettrica won’t begin until at least October next year.

Read: Listen To Ferrari’s EV Prototype Fake V8 Sounds

In addition to China being a booming market for EVs, there’s a growing fascination with high-performance electric models across the country, making it an ideal fit for Ferrari. Even better, the car, currently referred to as the Elettrica, will benefit from a much more favorable tax structure than Ferrari’s traditional gas-powered models.

While local taxes on the brand’s internal combustion engine (ICE) cars can reach up to four times the price of the vehicle, the Elettrica is expected to be taxed at a much more manageable 30% of its retail price.

Sales Decline Amid Economic Slowdown

According to Bloomberg, Ferrari’s shipments to China, Hong Kong, and Taiwan dropped 25% in the first quarter of the year, marking the lowest figures in almost four years. This decline is partly attributed to China’s economic slowdown, which led to a 20% decrease in sales of vehicles priced above 500,000 yuan (about $69,200). In 2024, this drop resulted in only 677,000 units being sold in that segment.

Earlier this month, Ferrari revealed that it will preview the powertrain of the Elettrica this October, before debuting the vehicle in full next spring. It is shaping up to be a hatchback-style crossover similar to the Purosangue, although it is tipped to be slightly smaller.

While Ferrari has kept many details under wraps, we do know that the vehicle’s battery pack, inverters, and electric motors are all being developed and produced in Italy. Recent patents also indicate that Ferrari might give the vehicle fake gears, much like the Hyundai Ioniq 5 N, as well as an ICE-inspired soundtrack.

The most recent patent says the Elettrica’s electric motors could be used to simulate the changing torque of a traditional engine and transmission. These virtual gears could be activated automatically based on throttle and brake outputs, or operated manually with the paddle shifters.

We were all expecting Ferrari to pull the curtain back on its first EV, tentatively called the Elettrica, in October. But, as it turns out, the Italian automaker has decided to tease us with only a glimpse of the car’s “technological heart” during the fall, with the actual vehicle set to make its debut next spring.

Ferrari made this announcement during the release of its first-quarter financial report this week. CEO Benedetto Vigna offered little detail about the “technological heart” of the Elettrica, but it’s a safe bet he’s referring to the all-electric powertrain that will power the car.

Read: Ferrari’s First EV Spied Up Close While Charging

While we don’t yet know how many motors the EV will pack or the exact size of its battery, we do know that the battery modules, inverters, and electric motors will all be developed and built in Maranello. Sure, Ferrari could have opted to source these components from a third-party supplier, but instead, they’ve chosen to keep it all in-house, a move that speaks to the brand’s commitment to maintaining control over its technology.

Customer Deliveries: A Long Wait Ahead

In addition to announcing that the first part of the Elettrica’s unveiling has been scheduled for October before a launch next spring, Vigna confirmed that customer deliveries will start in October 2026, according to an Auto News report.

Several prototypes of Ferrari’s highly anticipated EV have been spotted in recent months, sporting a mix of parts from existing models. It’s still unclear how closely these test mules will resemble the final production version, but one thing is certain: the Elettrica won’t be your typical sports car. Instead, expect something more in line with the Purosangue SUV, just slightly smaller.

In its Q1 report, Ferrari says that it shipped a total of 3,593 new cars this year, 33 more than it shipped in Q1 2024. Revenue also increased by 13% to €1.79 billion (~$2 billion), and net profit jumped by 17% to €412 million (~$467 million).

View this post on Instagram

A post shared by Varryx (@varryx_)

Developing and launching an electric vehicle is challenging enough for any mass-market brand, but for a smaller automaker like Ferrari, stepping into the world of electric cars is no easy task. While Ferrari undoubtedly has the engineering expertise, its rich motorsport legacy could make it a tough sell to its loyal fans who may not be ready to embrace the shift to electric.

Read: Ferrari Elettrica Coming In October After Years Of Development

This year, Ferrari’s first EV will finally make its debut. Currently dubbed the Elettrica, it’s expected to take the form of a hatchback-crossover. Two recently uncovered patent filings discovered by Motor1 suggest Ferrari is determined to ensure the car delivers on the emotional front.

How? By possibly incorporating artificial gear shifts, similar to the ones found in the Hyundai Ioniq 5 N, along with a sound reproduction device that mimics the unmistakable growl of an internal combustion engine. Obviously, silence just doesn’t cut it for Ferrari enthusiasts.

Virtual Gears: A Nod to Tradition

These two systems have been detailed in a pair of patents recently filed in Europe. The first patent describes a set of ‘virtual gears’ that Ferrari has developed for the Elettrica that uses an electric motor to simulate the changing torque of a traditional engine and transmission. These virtual gears could be operated using dedicated shift paddles, or they could be activated automatically depending on the throttle and brake outputs.

According to Ferrari, the virtual gears can change in as little as 200 milliseconds or as much as 600 milliseconds. It sounds strikingly similar to Hyundai’s setup for the Ioniq 5 N, a system that’s now also in the Kia EV6 GT. While some critics argue that EVs should focus on smooth, uninterrupted power, successfully recreating an ICE experience is a win for driving enthusiasts.

Sound That Satisfies. Sort Of

The second patent centers on a device that works in tandem with the virtual gears to provide an ICE-inspired soundtrack. This isn’t the first time Ferrari has ventured down this road. In 2023, the brand patented a “sound reproduction device” designed to bring an auditory thrill to its future EVs.

Recent spy videos of Ferrari’s debut EV have offered a glimpse of this sound system in action. The footage reveals a deep, bassy rumble that eerily resembles the growl of a powerful ICE engine. Whether that sound will be enough to ease purists’ pain over the absence of the iconic Ferrari engine roar, however, remains to be seen..

SHProshots

This year will be an important one for Ferrari. Not only could it enjoy some success in Formula 1, but it will also unveil its first EV. While the idea of an electric car from Ferrari may rub plenty of people the wrong way, the groundwork for the car has been laid for many years, and it’ll be shown to the world at its Capital Markets Day on October 9.

So far, we have spotted the Ferrari EV testing on a handful of occasions, but Maranello has remained tight-lipped about it. While speaking during the company’s recent annual shareholders’ meeting, both Ferrari’s chairman John Elkann and CEO Benedetto Vigna referred to the model as the Ferrari Elettrica and said the car has been years in the making.

Read: Ferrari’s First EV Spied Up Close While Charging

“Electrification has been a path that we’ve been pursuing now for decades, starting in Formula One and then from our race cars to our sports cars,” Ferrari Chairman John Elkann said during the company’s annual shareholders’ meeting, according to Reuters. “We are very excited about unveiling the Ferrari Elettrica (electric)”.

Elkann also emphasized the company’s commitment to keeping its innovation in-house even with EVs. “Now, we can also claim that all our key electric components are developed and handcrafted in Maranello,” he said.

It’s unclear if the Elettrica name will stick for production, but some think there’s a good chance it will. After all, Ferrari isn’t a stranger to using very literal Italian words in the names of its vehicles, just like it’s done with the new 12Cilindri.

To get ready to build its first EV, Ferrari has ramped up its investments in electrification. In April 2024, it opened its new E-Cells Lab with the University of Bologna and NXP. This research center has been created to enhance the automaker’s knowledge of materials and the “chemical and physical properties of lithium cells”. It says it has filed 200 battery-related patents in the past year.

In June last year, it also opened its e-building, which is where the next generation of Ferrari cars will be built. Purists will be pleased to know that Ferrari remains as Italian as ever, and this will not change with the Elettrica. Indeed, the brand says all of its “battery modules, electric axles, inverters, and electric engines are developed and handcrafted in Maranello.”

Ferrari’s EV will not be positioned as an out-and-out sports car. Instead, spy shots of test mules have shown it could take the shape of a hatchback-like crossover complete with four doors. It is also shaping up to feature a trick “sound reproduction device” that the company patented back in 2023, allowing it to mimic the soundtrack of an ICE powertrain.

SHProshots

Ferrari may have fans from all age groups, but its core customers have traditionally been the preserve of those approaching a later stage in life—a stage often associated with crises. However, according to information from Maranello, the brand has started to attract a much younger clientele, with 40 percent of new buyers now being under 40.

That’s a jump of 10 percent from just 18 months ago and represents a dramatic shift for the car company, which prides itself on its exclusivity. But this shift isn’t just a footnote, it’s a sign that the prancing horse is galloping into a new era.

Read: Ferrari Patents Oval-Piston V12 With Weird Shared Conrods

Without going into the details of just how Ferrari managed to achieve this seismic shift in new car sales, Ferrari’s CEO Benedetto Vigna laid all credit to those around him. “I don’t know, for other brands, but for us, it is an achievement thanks to our team,” Vigna said, speaking to CNBC.

Still Exclusive, Still Ferrari

Enzo Ferrari’s mantra, to deliver one less car than the market demands, has been a hallmark of the company’s strategy — and according to Vigna, that’s not about to change. The brand is still keeping production tight, despite customers urging them to cut down on the more-than-two-year delivery window.

Vigna says that it’s part of the experience, and it doesn’t matter if it’s a 78-year-old looking to enjoy the final years of his life, or a 37-year-old keen to get the keys before his 40th birthday. The wait time will stay the same. Customers can beg all they want for quicker delivery times, but Ferrari isn’t in the business of mass production, and they aren’t about to start now.

“One client at 78-years-old had to buy a Ferrari and he said: ‘Look, I cannot wait two years.’ I said: ‘This is a motivation’,” Vigna told CNBC. “There is another guy, younger, 37, and he said: ‘When I am older, I would like to get the car before I am 40.’ I said: ‘Don’t worry, you will get it when you are 39,’” he added.

One thing that won’t stay the same is the way some Ferraris are powered. The Italian sportscar maker is gearing up to launch its first fully electric vehicle on October 9, alongside five other new models this year. Vigna is confident in the brand’s three-pronged approach: traditional combustion engines, hybrids, and fully electric Ferraris.

Of course, not everyone is on board with an EV Ferrari. Some loyalists won’t consider anything without a high-revving, naturally aspirated V12, but the company’s CEO suggests that there’s a new wave of customers who will only buy if it’s electric.

Update 3/10: We’ve spotted another test mule of Ferrari’s upcoming electric car, set to be one of the brand’s first new models since the F80 halo hypercar debuted last October. The vehicle was captured undergoing additional winter testing in Northern Europe.

SHProshots for Carscoops

We’re living in strange times as Ferrari is set to unveil its first electric vehicle on October 9 at the brand’s Capital Market’s Day event and a mule was recently spied charging alongside a Volvo FH. That’s some odd company, but they’re both expensive EVs.

Putting the strangeness aside, the mule appears to be loosely based on Ferrari’s own Purosangue or Maserati’s Levante SUV. This suggests the upcoming production model will be a hatchback-like crossover.

More: Ferrari’s EV Makes Fake V8 Sounds In New Spy Video

While you shouldn’t read too much into the vehicle’s appearance, the extended fender flares suggest the EV will have a wide track. Spy photographers also noted the mule has staggered wheels that measure 23 inches front and 24 inches rear.

Another interesting detail is the roof-mounted shark fin ‘antenna.’ While it appears black, it would occasionally flash green or red. This suggests it could be some kind of charging status indicator, but that’s just a guess.

Spy photographers also noted the door handles are as fake as the tailpipes as the doors are opened by a button. We can also see a Combined Charging System (CCS) port as well as a glimpse of the cargo area.

Ferrari has been tight-lipped about the upcoming model, but the company has a partnership with battery supplier SK On and they inaugurated their e-building last summer. The plant will build the company’s upcoming EV as well as models with hybrid and internal combustion engines. At the time, the automaker mentioned new electric motors that would be “capable of delivering Ferrari’s signature driving excitement.”