The Maranello plant plans to increase series production by a third

Italian company Ferrari is planning to launch its first electric car late next year. It will cost at least $535,000. The cost of the car is higher than the average selling price of around €350,000. It could be more, though, because it doesn't include extra features and customizations that could increase it by 15 to 20 percent.

The automaker is said to be preparing to open a plant in the northern Italian city of Maranello that will produce this electric car model and could increase mass production by a third. It plans to build an additional vehicle assembly line there and wants to produce gasoline and hybrid cars, as well as new electric cars and auto components.

Chinese tech giant Xiaomi previously announced the start of sales of its first electric cars. Following the announcement, Xiaomi's shares jumped more than 10% in Hong Kong.