Ferrari has priced first electric model at half a million

Ferrari is to price its first electric car will cost at around half a million Euros, that’s according to media reports citing ‘sources familiar with the matter’.

The elite Italian automaker plans to launch this new electric model late next year.

Production is expected to be located in a newly inaugurated plant in Maranello, northern Italy, which is opening later this week (on Friday).

Ferrari's pricing strategy for the electric model sets it apart from other luxury EVs, with the average sale price for a Ferrari currently around €350,000 including extras.

By comparison, Porsche’s electric Taycan starts at about €100,000.

The new factory in Maranello is designed to produce both electric cars and also petrol and hybrid models.

Ferrari is also understood to be developing a second electric vehicle, although this project is still in its early stages.