Ferrari will unveil an electric vehicle in 2025, Chairman John Elkann said on Thursday during the company's annual general meeting.
The news of an electric Ferrari doesn't come as a huge surprise as patent drawings filed by Ferrari for a modular electric drive system were discovered last year.
Elkann didn't provide any details on the vehicle but former CEO Louis Camilleri in 2019 said the company was studying the potential for a grand tourer-style car, suggesting it won't be a supercar like the upcoming Lotus Evija or Rimac C_Two.
Camilleri, who stepped down from Ferrari last year due to personal reasons, also said in 2019 that an electric Ferrari would eventually come, though only after 2025.
During Ferrari's annual general meeting, Elkann also said that the search for Camilleri's replacement was ongoing, and that the lucky man or woman will give an update on Ferrari's future plans during a capital markets day presentation to be held in 2022.
Recent rumors have pointed to Ferrari's first EV being a crossover, which does make some sense as a heavy battery would be less likely to negatively affect the performance of a crossover compared to a supercar. Ferrari next year will launch its first crossover, the Purosangue, and according to the rumors the platform of the high-riding Prancing Horse has been designed to support electric powertrains.
Ferrari in the past has flip-flopped on the idea of launching an electric car but stricter emission rules and changing market trends has likely convinced the automaker of the need for having one. The company has previously cited a lack of suitable battery technology as the main hurdle.
While an electric Ferrari is still a few years off, the company will focus on plug-in hybrid technology in the interim. The company has just launched the plug-in hybrid SF90 Stradale and targets a 60-percent electrified lineup by 2022. The company is also looking into more alternatives, such as using hydrogen or biofuels.