Ferrari has decided to delay the launch of its second electric model until 2028 due to low demand for luxury electric vehicles.

Italian automaker Ferrari will delay the launch of its second electric vehicle, originally planned for 2026, until 2028 due to low demand for luxury electric sports cars. Although Ferrari has been selling hybrid models since 2019 and will unveil its first electric model in October 2023, weak demand has prompted the delay. The company has postponed plans twice before, and the first electric model will cost more than $500,000. Ferrari reported a net profit of €1.53 billion in 2022.