Ferrari, the luxury Italian car manufacturer, is planning to make an electric vehicle that will cost more than $500,000, according to a Reuters report. The carmaker's foray into the EV space comes as many consumers are eschewing fully electric vehicles in favor of cheaper hybrid or diesel cars, with an AAA survey finding 63% of consumers say they're unlikely to buy an EV due to their higher prices and the lack of reliable charging infrastructure.
The automaker is preparing to open a plant in Maranello, Italy, dedicated to manufacturing the electric model, according to the report, which cited a source familiar with the matter. The plant will reportedly manufacture other Ferrari vehicles, including petrol and hybrid models. Ferrari did not immediately respond to CBS MoneyWatch's request for comment.