Ferrari CEO Benedetto Vigna has already confirmed that the automaker will debut its first fully electric car by the end of 2024. It will be available to buyers in 2025. This week, a Reuters source familiar with Ferrari EV plans revealed pricing information. Allegedly, the car’s starting retail will well exceed most of the Italian carmaker’s current lineup. The news comes as other EVs suffer price cuts.

For perspective, the starting price of a new gas-engined Ferrari ranges from $272,000 for the Ferrari Roma all the way to $433,000 for the 812 GTS. Of course, that’s without any “extras” or the destination fee that adds thousands to the final sale price. Year-to-date, the average new Ferrari sale is around $350,000.

Granted, the manufacturer’s only PHEV, the SF90 Stradale, already starts at $528,000. Moreover, depending on the trim and selected options, the price of the plug-in hybrid can easily reach a drink-sputteringly restrictive $995,000.

The source also said that Ferrari’s new EV building, which could eventually produce 20,000 EVs per year, will assemble both the inaugural EV and a second EV model. In the past, CEO Vigna has said that there are no plans to boost vehicle production despite the automaker’s several-year wait lists.

We’ll see if Ferrari decides to one, get to maxed-out EV production in the near future and two, maintain that level moving ahead. With limited production and its reputational exclusivity, Ferrari may actually be able to successfully uphold a half-million dollar price tag on its first electric car. However, at that ask, there are doubts that 20,000 people a year will want it.

For instance, the Jaguar I-Pace has a 575-day market supply, the highest of all available new cars in the U.S. Earlier in June, the electric SUV only sold 26 units in the previous 45 days. Of course, we’re not attempting to compare Ferrari to Jaguar. This just demonstrates how niche sales in the ultra-high-end EV market really are.

What’s more, Tesla and other automakers are scrambling to sell their already released EVs. Price cuts have been all over the headlines this spring and summer. Now, the average price of a new EV is actually less than the average price of a new gas-engined vehicle.

Ferrari hasn’t released actual pricing information on the incoming EV yet. Time will tell how successful the Ferrari EV launch goes and how palatable the price will be to its buyers.