Ferrari CEO says brand's first all-electric car coming after 2025

A Ferrari 365 GT4 BB, owned by Sir Elton John, is up for sale for $400,000. The Ferrari was originally bought by the legendary singer in 1974 and is one of 58 right-hand drive versions ever made. The Italian supercar was the fastest and most expensive car in the world at the time of purchase, is powered by a 12-cylinder, 4.4-liter engine with a top speed of about 180mph, produces 360 break horsepower, and has only driven 9,700 miles.

MARANELLO, Italy (Reuters) - Ferrari will issue its first fully electric model after 2025, with battery technology still requiring more development, Chief Executive Louis Camilleri said.

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Ferrari has previously said a fully electric vehicle would be launched after the current industrial plan ends in 2022. Analysts have said they do not expect it before 2023.

Camilleri said Ferrari was “certainly” studying a fully electric grand tourer car (GT), but that it would stick to hybrid vehicles for the “current foreseeable future”.

“My sense is the electric will come out after 2025. The battery technology is not where it should be yet,” he told reporters in embargoed comments made during a lunch on Wednesday in the Centro Stile at Ferrari’s Maranello factory.

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“There are still significant issues in terms of autonomy, in terms of speed of recharging. So eventually we will come out with one. But it’s post-2025. Not in the short term,” he added.