Electric vehicles are undoubtedly the next stage in the evolution of the automobile. They're not exactly the flying cars we thought we'd have by now, but they definitely are a step towards that fantasy. It seems that every automaker is jumping on to the trend, including luxury brands. The latest company to announce an EV initiative is none other than Ferrari, which recently appointed a new CEO to spearhead the plan.

Benedetto Vigna, the current president of STMicroelectronics, will take over as the CEO of Ferrari this September 1. His extensive background in micro-electromechanical systems, sensors, and power solutions will surely be an asset since the company is hoping to launch a new line-up of EV supercars in the near future.

"His deep understanding of the technologies driving much of the change in our industry, and his proven innovation, business-building, and leadership skills, will further strengthen Ferrari and its unique story of passion and performance in the exciting era ahead," said John Elkann, Ferrari's interim chairman.

Back in April, Elkann announced that Ferrari is looking to debut its first all-electric vehicle by 2025. The plan comes soon after its competitor, Lamborghini, committed to giving each of its cars an electric motor by 2024.

Despite the pandemic, Ferrari was still making a steady profit. Earnings initially took a hit, but the company managed to rebound with a record fourth-quarter profit and boosted projections for this year. According to CNN, Ferrari only managed to sell 9,119 cars in 2020, each averaging at around $370,000 in price.

Electric vehicles are more important now than they ever were. Scientists warn that we must get total carbon emissions to zero to avoid the catastrophic and irreversible effects of climate change. With Ferarri now entering the EV race, the hope is that other automakers who have not yet joined the movement will do so too.

Additionally, these companies must try to convince consumers to make the shift from fossil-fuel vehicles to electric vehicles. The Biden Administration already has plans to roll out a tax incentive for those who purchase an electric vehicle, with the hope that it can dramatically push Americans to choose greener transportation. If the auto industry can offer similar incentives, it could definitely help accelerate the transition. As more and more charging centers are being built across the country, ownership of an EV will soon start to become a more realistic option for the middle-class consumer.