Tesla has been in the media headlines in recent weeks for various reasons, ranging from the announcement of the construction of a megafactory to manufacture vehicles in Mexico to price cuts on some of its models in the U.S., as well as visits with Chilean officials to express its interest in working on the development of the country’s lithium industry.

But Elon Musk's flagship company isn't the only one operating in the electric vehicle (EV) market. Tesla will face a formidable competitor in the top segment of this market: Ferrari.

Benedetto Vigna, CEO of the historic Italian automaker, told Bloomberg in a recent interview that it will have its first electric vehicle ready by 2025. It will be an interesting competition in the future. The challenge, Vigna noted in the interview, is to design an EV that delivers an exciting driving experience.

In the stock market, Ferrari is winning the race against Tesla. Strong demand for its high-end cars and the strength of its brand in an expanding luxury goods market have driven its stock price up 61% from the low it hit in June of last year. Tesla’s stock price, although it has risen in recent weeks, is still 51% below its price in June 2022.

Ferrari has already taken its first steps into the EV world. Last year, 22% of its sales were hybrid models, and it plans to build a battery factory in northern Italy.