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Ferrari unveils its first SUV, the $397K, 12-cylinder Purosangue

The $397,000 12-cylinder Purosangue, which Ferrari debuted on Tuesday, is intended at extremely wealthy drivers who aren’t yet ready to switch to all-electric vehicles.

Although late to the SUV market, the Italian company known for its prancing horse insignia is certain that the Purosangue, or Thoroughbred, would give the model a distinctive look.

“Since we announced it was a V12 (in May), the interest for the car exploded,” Chief Marketing and Commercial Officer Enrico Galliera told reporters at Ferrari headquarters in Maranello, adding the company had been inundated with pre-orders from customers who have not even seen it. He did not give numbers [Nypost]

Benedetto Vigna, CEO of Ferrari, likes to refer to the four-door, four-seat Purosangue, which has a peak speed of over 190 mph, as a flexible sports vehicle rather than an SUV despite its size and weight.

It exemplifies a challenge that many reputable automakers face. Policymakers throughout the world are establishing timelines to stop selling combustion vehicles, and investors have made electric automaker Tesla the industry’s most valuable firm.

However, a sizable portion of consumers still prefer and are prepared to pay more for gasoline-powered automobiles.

But a large group of consumers still want petrol-burning vehicles, and are willing to pay premium prices for them.

Purosangue SUV
The four-door, four-seat Purosangue, which has a top speed of over 190 mph.years.|Ferari via Nypost
Purosangue SUV
The car will be one of the most expensive SUVs. Only the Rolls-Royce Cullinan SUV is offered at similar price levels.years.|Ferari via Nypost
Purosangue SUV
Deliveries will start in the second quarter of 2023, from Europe, with waiting lists expected to extend over coming years.|Ferari via Nypost

Ferrari embraced electrification in its business plan in June, but is taking a slow lane to its goal. 

The Purosangue’s executives choose not to disclose any information on any future plug-in or battery-powered versions of the vehicle.

Changes the game
Ferrari is demonstrating the Purosangue to 2,000 of its elite clientele over the course of several days, but Galliera claimed that the company has already received “many more” orders.

The vehicle will rank among the priciest SUVs. The only SUV available at comparable price points is the Rolls-Royce Cullinan.

Ferrari has promised to keep Purosangue sales below 20% of total group shipments throughout the car’s lifecycle, which is anticipated to be four to five years, in order to maintain exclusivity.

Purosangue SUV
Ferrari say it has been inundated with pre-orders from customers who have not even seen it. years.|Ferari via Nypost

This represents a departure from Lamborghini and Porsche, both members of the Volkswagen group, which last year derived over 60% of their sales from SUVs, with an anticipated total output of little over 11,000 cars.

From Europe, deliveries will begin in the second quarter of 2023, and waiting lists are anticipated to grow over the following years.

The Purosangue took almost four years to create after Ferrari said in 2018 that it would make an SUV. Until then, according to Galliera, there was no technology available to provide a car weighing more over 4,000 pounds a top sporting performance.