Getty
- Ex-Apple designer Jony Ive's firm is collaborating with Ferrari on its first electric car, FT reports.
- The luxury carmaker plans to introduce its electric vehicle in 2025.
- Jony Ive designed iconic Apple products like the iPhone, Mac, and iPod.
- See more stories on Insider's business page.
A design firm headed by Jony Ive, Apple's former chief design officer, and industrial designer Marc Newson is collaborating with Ferrari to create the luxury carmaker's first electric vehicle, the Financial Times reported.
Exor, the parent company of Ferrari, announced the partnership with Ive's design company, LoveFrom, on Monday, but was light on details of the firm's specific work. But FT reports the firm will work with Ferrari on a range of cars, including its first-ever electric vehicle, which has a planned 2025 release.
Ferrari has been working on developing an electric car for years. The collaboration with Ive and Newson could expand to include other companies in Exor's portfolio in addition to Ferrari.
"The first expression of this new partnership will bring together Ferrari's legendary performance and excellence with LoveFrom's unrivalled experience and creativity that has defined extraordinary world changing products," Exor wrote in a press release. "Beyond the collaboration with Ferrari, LoveFrom will explore a range of creative projects with Exor in the business of luxury."
A Morgan Stanley analyst estimated that Ferrari releasing an electric vehicle could drive the company's shares up to $350. Shares are currently priced at $211.5.
Ive left Apple in 2019 after working at the company for 27 years, where he led the design of some of Apple's most recognizable products, including the Mac, the iPhone, iPad, and iPod.
After leaving Apple, he announced he and Newson were starting their own design firm named LoveFrom, a reference to a conversation Ive had with Steve Jobs, where they talked about creating products with love. His firm's first client was also Apple.
LoveFrom has previously partnered with Airbnb to overhaul the company's website and revamp the company's rating system for hosts and guests.