(Bloomberg) -- Ferrari NV new factory making electric supercars as well as next-generation powertrains will be ready from the middle of next year to start the manufacturer’s EV chapter. 

The Italian luxury automaker’s site in Maranello, northern Italy, “will be ready in June 2024,” two years after construction started, Chief Executive Officer Benedetto Vigna said Monday in an interview Tommaso Ebhardt at Bloomberg’s Italy Capital Markets Forum. The so-called e-building will have assembly lines with the flexibility of making electric and non-electric cars, he added.

Ferrari plans to unveil its first fully electric Ferrari in the fourth quarter of 2025, Vigna said. Battery-only as well as plug-in hybrid models are slated to dominate the company’s portfolio in the second half of the decade with hybrid cars making up 35% of shipments during the first quarter. 

The carmaker’s transition to electrification has progressed more slowly than rivals with the maker of distinctive supercars taking careful steps to keep its combustion-engine buying clientele on side. Porsche AG, Europe’s most valuable carmaker after last year’s blockbuster initial public offering, unveiled the battery Taycan in 2019 with sales of the e-Macan due to start in 2024 followed by an electric Cayenne the year after.

On Monday, Vigna rejected that Ferrari was a laggard on electrification and doesn’t expect any margin reduction with new EV models. Buying any other carmaker or forming a luxury hub with other fashion brands is also off the cards, he added. 

Porsche, targeting higher returns, is moving further upmarket to battle Ferrari. The German company is planning an all-electric high-performance SUV above the Cayenne, as part of a plan to boost operating margins to more than 20%.

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Ferrari in September unveiled the Purosangue, which looks more like a sport utility vehicle in a break from the company’s traditional portfolio of low-slung, two-door sports cars. The move is expected to broaden Ferrari’s customer base. After starting out with a combustion-only version, Vigna hinted the car may feature a plug in future. 

Ferrari reopened Purosangue orders for 2026 after having filled its production capacity until the end of 2025, Vigna said. 

--With assistance from Alessandra Migliaccio.

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