Ferrari has unveiled a 395,000 euro ($423,000) internal combustion engine sports car as the Italian manufacturer defends its industry-leading margins.
The 12-cylinder engine, which is also available as a 435,000-euro Spider convertible version, is inspired by Ferrari touring cars from the 1960s and has become a new option as it continues to sell out, according to Bloomberg. Reported. This two-seater shows off Ferrari's ability to sell cars for four times the average price of Porsche AG.
Ferrari has been rapidly introducing new models to attract the attention of wealthy customers, and this is the first announcement of the year for Ferrari, after introducing five models in 2023.
Ferrari has raised prices and benefited from wealthy buyers who are less severely affected by inflation and high interest rates. The company has begun the transition to battery power, but its margin expansion relies heavily on its profitable internal combustion engine vehicles.
Ferrari's latest model was unveiled in Miami on May 2nd ahead of the Formula 1 Grand Prix there, and is powered by a 12-cylinder engine that produces 819 horsepower.
Deliveries of the closed-roof version are expected to begin by the end of this year, with the convertible arriving in early 2025, but a company spokesperson declined to comment on production numbers. The car has the same cockpit style as the Purosangue, which Ferrari unveiled in 2022 to enter the lucrative sports utility vehicle market.
While the new model line signals Ferrari's continued commitment to internal combustion engines, CEO Benedetto Vigna has begun paving the way for electrification. The Maranello, Italy-based manufacturer is building a factory to make hybrid and electric vehicles, scheduled to be completed next month, and plans to unveil its first fully electric vehicle in the fourth quarter of 2025.
Ferrari's F1 team, which will welcome star driver Lewis Hamilton in the 2025 racing season, and its reputation for quality have made it the world's most powerful luxury car brand, according to Bloomberg Intelligence.
Joel Levington, director of credit research at Bloomberg Intelligence, said last month that Ferrari has outperformed its peers for the second year in a row. “We expect this trend to continue,” Levington said.
Weighing 1,560 kg (3,440 lb), the 12 Cilindri is styled like a berlinetta (Italian for “little saloon”) with a low, swooping glass roof at the rear. A novel design at the front replaces the traditional headlights with a single wraparound he band reminiscent of the Ferrari Daytona.
It has a top speed of over 211 mph and can accelerate to 100 km/h (62 mph) in 2.9 seconds.
Ferrari said it has developed software that can change the maximum torque available depending on the gear selected, giving the driver a smooth, progressive sense of pick-up as the transmission ratio increases.
