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Ferrari aims for 80% EV sales by 2030

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Yahoo Finance's Pras Subramanian reports on luxury automaker Ferrari doubling down on electric vehicles.

Video Transcript

- Worth highlighting this chart, by the way. It's from the ICF Climate Center, but it shows the price difference between a new gas vehicle and a new EV. A new gas vehicle costs 3.7 times more than a new EV.

A lot of that, I would imagine, is just gas prices. Because if you think about it, to your point, Pras, that the supply is pretty tight on both sides. We've seen, obviously, a number of car makers doubling down on EVs, Ferrari, the latest.

PRAS SUBRAMANIAN: Yeah. They announced their 2026 capital markets plan. The next four years, they want to be 80% hybrid and EV by 2030. Investing around $4 billion to do that.

So even at that super high-end luxury, hypercar performance, they're seeing that the customers want that EV powertrain. I want to quickly add about that chart you showed, that a lot of that is not just the gas prices, but gas powered cars cost more to maintain in general because of lubricants and moving parts.

So that's also a key component. Down the line, EV's much cheaper. But can people wait that long? Right? They're expensive right now. Gas powered cars are a little bit cheaper. So that's kind of the equation.

- Yeah. An important reminder there. Yahoo Finance's Pras Subramanian. Thanks so much. Appreciate it.