Ferrari has started taking payments in cryptocurrencies for its luxury sports cars in the US. The company will extend this plan to Europe as well after requests from its wealthy customers. The company’s marketing and commercial head gave this information to the news agency.
Most blue-chip companies have distanced themselves from crypto because the volatility of Bitcoin and other tokens makes them impractical for commerce. Unregulated regulation and high energy use have also prevented the spread of crypto as a means of payment.
These include electric car maker Tesla, which started accepting payments in Bitcoin, the largest crypto coin, in 2021. But later CEO Elon Musk stopped it due to environmental concerns.
Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera explained that the cryptocurrency has made efforts to reduce its carbon footprint through the introduction of new software and the large use of renewable sources.
“Our goal of reaching carbon neutrality by 2030 across our entire value chain is fully realistic.
As many of its clients have invested in cryptocurrencies, Ferrari claimed that the move was made in response to requests from the market and dealers.
“There are some young investors who have made a lot of money through cryptocurrencies. There are other more traditional investors who want to diversify their portfolios.
While some cryptocurrencies, such as the second-largest Ether, have improved their energy efficiency, Bitcoin is still criticized for its energy-intensive mining.
Ferrari shipped more than 1,800 cars to its US region in the first half of this year, including the US.
Galliera did not say how many cars Ferrari expects to sell via crypto. He said that the company’s order portfolio was strong and was fully booked by 2025, but the company wanted to test this growing trend.
“This will enable us to interact with individuals who may not typically be our clients but can nonetheless buy a Ferrari,” he said. “
The Italian company, which sold 13,200 cars in 2022, with prices ranging from 200,000 euros ($211,000) (about Rs 1.75 crore) to 2 million euros (about Rs 17.54 crore), plans to extend the crypto scheme to Europe and then to other regions where crypto is legally approved by the first quarter of next year.
Europe, the Middle East, and Africa (EMEA) is Ferrari’s largest region, accounting for 46 percent of its total car shipments in the first half of this year.
“The interest in the US and Europe is similar, we don’t see any major difference. China is one of the countries where cryptocurrencies are banned.