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In early October 2025, Ferrari presented its first 100% electric vehicle (EV) – the Elettrica model – at the firm’s Maranello headquarters. Or, to be more accurate, it presented its “technology” – Ferrari chose to show only the chassis, highlighting the in-house expertise it has developed in this area.
The Italian manufacturer looks to be something of an exception this autumn, in a market where enthusiasm for luxury electric vehicles seems to be fading. After the lofty, proclaimed ambitions of the early 2020s, most luxury car brands have slowed their pace: models have been deferred, projects cancelled and the focus shifted towards hybrids – all largely because of a lack of interest on the part of clients.
Caught between uncertainty about the level of real demand, concerns over residual value, and a visceral attachment to the internal combustion engine, the industry has made only limited progress in the energy transition.1 From Porsche to Aston Martin, and Rolls-Royce to Ferrari – we give an overview of the projects the major luxury car-makers are working on.
Momentum at its lowest point
David Giboudeau, auto analyst at Lombard Odier, points out that “the momentum for luxury electric vehicles has never been so weak. The only exception is Rolls Royce.”
Back in 2020, most of the manufacturers displayed great EV ambitions. Five years on, that trend seems to have largely run out of steam. There has been a slew of announcements from major industry players... but these have been about delays, or even cancellations.
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At the same time, manufacturers are increasingly repositioning themselves towards electric SUVs, which are better aligned with demand, rather than electric supercars, where the market is still largely non-existent.
Ferrari: waiting for the turning point
Ferrari has taken its time to finesse its move into the luxury EV segment. Rather than unveiling the clean lines of its new electric creation, the company chose to present just the full chassis, including the battery, axles and suspension. The car’s curves will not be displayed until next year, although we already know it will be a four-seater.
The technical features of the Elettrica already look to be a winner. It has been designed so the driving experience is as close as possible to that offered by a Ferrari combustion engine
“The technical features look to be a winner,” David Giboudeau believes. Ferrari has disclosed that the Elettrica does 0 to 100 km/h in 2.5 seconds and has a range of over 530 km, offering high-speed 350 kW charging. Beyond the figures, the brand has also taken care over its signature client experience. “The car has been designed so the driving experience is as close as possible to that offered by a Ferrari combustion engine. A solution that amplifies the sound of the electric motor has also been presented, comparing it to an electric guitar versus an acoustic guitar,” David Giboudeau notes.
Nevertheless, the manufacturer has already pushed back the launch of its second electric model to 2028 at the earliest. “There is no real demand for an electric supercar,” the brand acknowledges. Ferrari has also managed to sustain growth so far without a single electric model in its range. The strength and exclusivity of its brand give it an advantage over its competitors. The Elettrica will be not so much a commercial revolution for the brand as a strategic signal aimed at potential new clients.
Porsche: a false start?
Porsche was the first in the luxury car sector to place a bold bet on EVs, with first the Taycan and then the Macan. Sales have fallen well short of expectations, however.
For example, in some markets, such as the UK, leasing projections have turned out to be overly optimistic. The decline in the residual value of electric models (the Taycan loses anything up to 26% of its value in a single year) is also a concern for clients, who often regard their vehicles as a potential investment. “This is a crucial factor for buyers of luxury vehicles; some see them as an investment when it comes to selling them on, with collectors’ models worth more than brand new models,” explains David Giboudeau.
The decline in the residual value of electric models is also a concern for clients, who often regard their vehicles as a potential investment
The market capitalisation of Porsche has halved since its IPO in 2022, a sign for some that the electric strategy is not cutting through. The brand has had to fundamentally revisit its strategic plan and make costly investments.
Rolls-Royce: the exception that proves the rule
Going against the general trend, Rolls-Royce is moving towards becoming all-electric. In 2024, the British firm launched the Spectre, an electric coupé that became an immediate success, even outshining star SUV the Cullinan.
True to its DNA, Roll-Royce is counting on the gentle, steady power that electric drivetrains offer, an ideal feature for luxury limousines, perfectly suited to clients seeking comfort rather than racetrack performance. A second model has already been confirmed and the brand has poured GBP 300 million of investment into its Goodwood EV manufacturing site. While its rivals hesitate, Rolls-Royce is taking a radical turn, shifting directly from V12 to electric without going through hybrid drive.
While its rivals hesitate, Rolls-Royce is taking a radical turn, shifting directly from V12 to electric without going through hybrid drive
Lamborghini: deliberate hesitation
Lamborghini has made numerous announcements about its electric strategy, though has always remained cautious given the challenges luxury electric vehicles face. Having launched rechargeable hybrids like the Revuelto, the Urus SE, and the Temerario, the brand has now delayed its first 100% electric model, the Lanzador, to 2029, and in fact may even replace it with a plug-in hybrid.
CEO Stephan Winkelmann has admitted that global demand for electric supercars remains modest and does not justify the transformation to full electric at present. “In the meantime, Lamborghini is emphasising hybrids and looking at using synthetic fuels as an alternative to fully electric,” notes David Giboudeau.
At Aston Martin the schedule for full electrification has changed multiple times. Once planned for 2025, the launch of the first electric model has now been put back to 2027. The new CEO Adrian Hallmark, who came from Bentley, is not confirming any date. For now, the brand is focussing on plug-in hybrids, which it feels are more in line with what its clients want.
“You know, there’s nothing worse than bringing out a car at the wrong time. That’s why various manufacturers are delaying their electric vehicle launches,” Ivo Bochev, Head of Sales and Network Development Europe for Aston Martin, told the press.
Bugatti is also making the transition via hybrid. In 2024, the manufacturer launched the Tourbillon, a 1,775 hp hypercar combining a V16 engine with three electric engines. This was an immediate success, and production has sold out to 2029.
At parent company Rimac, founder Mate Rimac was planning 150 units of his electric Nevera; so far, only around 50 have been sold. Once again, the reality of the market for electric hypercars is proving limited.
Maserati: transitioning too quickly?
Maserati aimed to quickly establish itself in the electric vehicles segment with the Folgore versions of the GranTurismo and the Grecale – but with sales collapsing, the strategy has had to be entirely revised.
The brand has cancelled its MC20 electric project and is now considering switching back to hybrids. With deliveries down more than 50% in 2024, Maserati appears to illustrate the dangers of transitioning too quickly in the EV segment.
Maserati aimed to quickly establish itself in the electric vehicles segment, but with sales collapsing, the strategy has had to be entirely revised
Pagani and Koenigsegg: the resistance
Some niche brands have shown no hesitation in shunning the transition to electric vehicles altogether. Pagani simply abandoned its Utopia electric supercar project – an illustration of the challenges luxury manufacturers face in the EV market, where client interest is still limited. The family firm remains attached to manual gear boxes and the more ‘emotional’ driving experience of the internal combustion engine.
Koenigsegg is taking a similar stance – founder Christian von Koenigsegg describes electric vehicles as soulless “robots,” preferring combustion engines and hybrids. Because of their size, these two brands also benefit from regulatory waivers in Europe that allow them to partially circumvent the ban on combustion engines from 2035. It is worth pointing out that neither Pagani nor Koenigsegg are listed, so the influence exercised by shareholders and the regulator is very different to publicly listed firms.
Will Ferrari lead the dance?
To date, no single brand has seized a genuine leadership position in the transition to electric vehicles within the luxury car segment, with the notable exception of Rolls-Royce, where the distinctive positioning associated with “comfort” sets it apart from luxury sports cars. Though Porsche was a pioneer, its enthusiasm has been checked by market realities – demand from clients simply has not matched expectations. Other manufacturers have taken a cautious approach, pushing back their launch dates or focussing on hybrids.
Only Ferrari, with its symbolic weight, strategic discipline, and ability to spin a story around electric vehicles seems to be in a position to navigate the transformation. “The positioning of the Elettrica is aimed at winning over new clients without compromising Ferrari standards when it comes to power, sporting performance, and exclusivity. The message is that the group doesn’t see it becoming a best seller, but it’s putting forward its take on a luxury electric sports car,” concludes David Giboudeau.
The information in this article does not constitute investment advice, nor is it a recommendation to buy or sell.
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1By 2035 the European Union will ban the sale of new petrol and diesel cars.
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