Ferrari Planning for its First EV as Tech Executive Joins | #site_titleFerrari Planning for its First EV as Tech Executive Joins

Ferrari Planning for its First EV as Tech Executive Joins

Ferrari (NYSE: RACE) has announced its new Chief Executive Officer. Benedetto Vigna, who is currently the President of STMicroelectronics (NYSE: STM), will be taking over starting September 1st. Ferrari Chairman and interim Chief Executive Officer John Elkann have announced plans for Ferrari to debut its first fully electric vehicle by 2025. Currently, the only electric-powered vehicle made by the Company is its plug-in hybrid SF 90 Stradale which features 986 horsepower, the ability to go from 0-60 mph in 2.5 seconds, and a USD 625,000 price tag.

The current auto industry is facing a global chip shortage which was one of the reasons why a popular EV manufacturer, Tesla Motors (NASDAQ: TSLA) was forced to cancel their Model S Plaid+.

“His deep understanding of the technologies driving much of the change in our industry, and his proven innovation, business-building and leadership skills, will further strengthen Ferrari and its unique story of passion and performance, in the exciting era ahead,” is what Elkann said of Vigna.

Vigna has over 25 years of experience in the semiconductor place and has specializations in connectivity, imaging, power solutions with a focus on the automotive and industrial market segments. Elkann believes that Vigna’s understanding of the technologies shifting the automotive industry towards electric vehicles would prove beneficial to the Company as it starts to shift towards developing and manufacturing all-electric vehicles in the near future.

RACE is currently trading 2.88% down in today’s afternoon trading session. The stock is down close to 20% this year.

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