Ferrari will invest some 4.4 billion euros ($4.6 billion) to develop full-electric cars and plug-in hybrids that will make up 60 percent of its portfolio by 2026. The company will retool Maranello to produce EVs and assemble battery modules. The first full-electric Ferrari will reach showrooms in three years.

The problem is that Ferrari is a tad late to the party, leaving it well behind not just battery pioneer Tesla but also Porsche and smaller upstarts such as Rimac Automobili. Porsche's popular Taycan EV has been on the road since 2019 and outsold the iconic 911 last year.