Ford and Ferrari bet on EV expansion as hybrids claim market share

Ferrari reported better-than-expected first-quarter profits on Tuesday, even as the global electric vehicle market continued to provide mixed signals to automakers.

The Italian sports car firm announced adjusted earnings per share of 2.33 euros, or around $2.72, exceeding analyst projections of 2.27 euros.

Revenue for the quarter totaled 1.85 billion euros. The figures kept up despite the company delivering fewer automobiles, 3,436 units, a 4.4% decrease from the same period the previous year.

Ferrari claimed it purposefully halted manufacturing to accommodate a planned move in its model portfolio.

The corporation also stuck to its annual targets. Ferrari estimates net revenues of 7.5 billion euros in 2026, with an adjusted operating profit of at least 2.22 billion euros.

The financial report comes just weeks before Ferrari debuts its first fully electric vehicle.

The Luce is set to make its world debut on May 25.

CEO Benedetto Vigna stated that excitement for the launch is at an all-time high.

“With only twenty days to the world premiere of the Ferrari Luce, the sense of anticipation has never been so high,” he said. Vigna did not share specific order numbers but noted the debut event is “fully booked, actually overbooked.”

He said Ferrari expects the car to bring in both existing customers and new buyers.

Ford pushes on despite EV losses

While Ferrari looks forward to its electric future with confidence, the broader EV sector is currently suffering.

Ford Motor Company, on the other hand, is moving on with its next generation of electric vehicles despite the fact that many other automakers are backing off.

The corporation has absorbed $19.5 billion in EV-related restructuring costs.

“Agility is key,” said Alan Clarke, Ford’s EV product leader. “The EV industry has had massive headwinds, and so we’ve had to adjust.”

Ford is relying on its Universal Electric Vehicle platform, or UEV, a technology created entirely from scratch.

According to the firm, the UEV is essential to its aim to transform its Model e electric unit from a loss-making operation to a profitable one by 2029.

The first car intended for the platform is a midsize pickup truck costing approximately $30,000, aimed at the US market, and set to come next year.

Ford CEO Jim Farley has described the US-built project as a $5 billion “bet” on America.

“It represents the most radical change on how we design and how we build vehicles at Ford since the Model T,” Farley said.

Hybrids gain ground as UK hits milestone

That bet is being made against a challenging backdrop.

According to new statistics from iSeeCars, used hybrid vehicles outperform both traditional cars and electric vehicles in the second-hand market.

Hybrid market share increased 41.8% year on year in the first quarter of 2026, much outpacing the 15.9% growth recorded in used EVs.

Used hybrid prices declined by 1.4% over the same period last year, while non-Tesla EV prices fell by 10.3%.

Across the Atlantic, the outlook is more positive. The UK new car market increased by 24.0% in April, with 149,247 registrations.

The month also commemorated a significant event. The country registered its two millionth battery electric car, with EV registrations up 59.1% from April of last year.

Battery electric vehicles accounted for 26.2% of all new automobile registrations during the month.

Nonetheless, the industry’s outlook for the entire year has been reduced.

Following a dismal first quarter, the estimated battery EV share for 2026 has been cut down to 26.8% from 28.5% previously.

According to industry groups, energy costs, production expenses, and charging infrastructure continue to be impediments to rapid adoption.

They argue that demand is not keeping up with government regulations, and they are now advocating for a policy rethink to better reflect what shoppers actually want.

Ford and Ferrari could be choosing to spend heavily now to avoid falling behind later.

Ferrari might be using its high profits from gas cars to fund the Luce, betting that luxury buyers will pay for brand prestige regardless of the engine.

Ford is taking a bigger risk by spending billions on the UEV platform to lower costs.