Ferrari’s first electric car will cost at least €500,000 euros ($535,000), Reuters reports.

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The news agency cited a source familiar with the matter.

The luxury automaker said it will launch an EV late next year, with a planned plant opening that could see group production increased by up to a third, Reuters said.

The price does not include extra features and customisation options that could add up to 20% to the total price paid by the buyer.

When approached for comment by Reuters, Ferrari did not respond.

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Its new plant is due to be inaugurated in its hometown of Maranello in  northern Italy, later this week.

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