Ferrari unveils new 'Amalfi' petrol coupe ahead of EV launch

Ferrari has launched its new Amalfi coupe, an internal combustion engine model priced at 240,000 euros, with initial deliveries expected in Q1 next year. This release comes as the luxury automaker prepares to unveil its first fully electric vehicle starting in October, culminating in a spring premiere. However, a second, broader-market EV model is not anticipated before 2028, reportedly due to a lack of demand for high-performance luxury EVs, signaling Ferrari's measured approach to its electrification strategy while continuing to bolster its traditional ICE offerings.

Analysis

Ferrari is executing a dual-track strategy, reinforcing its highly profitable internal combustion engine (ICE) portfolio while methodically approaching electrification. The launch of the new Amalfi coupe, a 640-horsepower petrol model priced at 240,000 euros, replaces the successful Roma and is already garnering significant client interest, signaling strong near-term revenue potential starting with Q1 deliveries next year. This move contrasts with the company's cautious electric vehicle (EV) rollout. While the first Ferrari EV will be unveiled starting in October, a second, more mass-market EV is not anticipated before 2028, a delay explicitly attributed to a perceived lack of demand for high-performance luxury EVs. This pragmatic approach suggests Ferrari is prioritizing current cash flow from its core ICE products and mitigating the risk of a premature and capital-intensive shift into a still-nascent luxury EV market, a strategy viewed with moderately positive sentiment.

Key Decisions for Investors

• Consider the launch of the Amalfi coupe a positive near-term catalyst for revenue, as strong initial demand for the 240,000 euro model will likely bolster earnings starting in the first quarter of next year.
• Monitor the multi-stage unveiling of the first Ferrari EV from October through next spring for critical details on its technology, positioning, and price point, which will serve as a key test of the brand's extensibility into the electric segment.
• Recognize that Ferrari's decision to delay a second EV until at least 2028 represents a strategic hedge; while this protects near-term profitability, it also introduces a long-term risk of ceding ground to competitors should high-performance EV demand accelerate unexpectedly.
• Factor in the impact of US tariffs, which will result in a higher price and a 3-6 month delivery lag for the Amalfi, potentially affecting the margin profile and geographic sales mix in the model's initial year.