Italian automaker Ferrari has launched its first plug-in hybrid electric vehicle (PHEV) in Southeast Asia, choosing the Thai market for its debut, just as the government prepares to impose a higher rate of excise tax on cars, including luxury supercars, from 2026.
This move highlights Ferrari's confidence in Thailand's growing supercar market, but the looming tax changes threaten to reshape pricing and demand.
Charles Antoine Geneste, head of Ferrari Southeast Asia & India, said Thailand was chosen as the first Asean country to host the launch due to rising demand among younger buyers and strong interest in new-generation engines.
"Ferrari has seen a positive trend in Thailand's supercar segment with gradually increasing demand. Thailand is an important market for the company," Mr Geneste said.
The newly launched 849 Testarossa is equipped with three electric motors and a high-voltage battery, delivering a combined output of 1,050 cv. CV, which stands for Cavalli vapore, is a unit widely used in Europe to describe the power of engines. It equates to roughly 1,036 brake horsepower.
Ferrari says the PHEV system ensures maximum performance while meeting evolving environmental standards.
Despite global economic headwinds, Mr Geneste expressed confidence that clients drawn to the Ferrari brand and levels of performance would continue to make purchasing decisions.
The launch coincides with policy changes that could raise car prices significantly. The cabinet has approved new excise tax rates for PHEVs, effective as of January 2026, based on electric driving range.
Vehicles capable of 80 kilometres or more per charge will face a 5% tax, while those below that threshold will be taxed at 10%.
A carbon tax of 200 baht per tonne of carbon dioxide equivalent, approved earlier this year, will also be integrated into oil excise duties.
The government should delay the tax changes for two to three years or consider a gradual increase option, said Voravud Bhirombhakdi, vice-president and executive director of Cavallino Motors, Ferrari's authorised importer in Thailand.
He warned that higher rates would push up Ferrari prices by 10–20%, dampening demand in both mass and luxury segments.
"A model priced at 40 million baht could rise to 50 million, while one starting at 20 million could climb to 30 million," Mr Voravud said.
He said that Ferrari contributes about 30 million baht in taxes per unit annually, cautioning that steep hikes could hurt industry confidence and risk Thailand's position in Ferrari's global strategy.
"The government imposes excise taxes to gain income, but it may end up losing more than 1 billion baht," he said.