Ferrari (NYSE: RACE) is evolving before your very eyes, which is especially interesting if you're a savvy investor and have been following the iconic car company. Ferrari has already expanded its legacy slightly when it launched the Purosangue, its first SUV -- although Ferrari refuses to call the 4-door vehicle an SUV.

And in case you missed it, Ferrari is about to expand on its legacy once again as it enters the world of electric vehicles (EVs).

First ever

After a roller-coaster ride of a year for EVs and their manufacturers, Ferrari is finally preparing to enter the fray. The company is designing an EV built on the legacy of its high-powered gas vehicles. It will be an electric crossover that could arrive as soon as 2026, according to AutoForecast Solutions.

Most EV makers are struggling to bring prices down for consumers, and sales are growing more slowly than anticipated. However, Ferrari could still make a splash because its iconic brand image can power price tags that can make EVs profitable. In fact, Ferrari's first EV is expected to cost at least $535,000.

It's that powerful brand image and pricing power that make Ferrari a very unique investment opportunity.

Eye-popping margins

Those high price tags help drive astounding gross profit margins when compared to other industry stalwarts.

Ferrari more than doubles its nearest competitors in gross margin, and that filters down to the bottom line as well. That's right, Ferrari's strong pricing power helps deliver earnings before interest and taxes (EBIT) margins double those of many competitors, and its results have been consistently much stronger than competitors over the entire past decade.

Another aspect of Ferrari's pricing power is that it's practically company-controlled; management only allows a certain number of sales annually to keep supply less than demand, driving pricing power. In fact, during the second quarter, Ferrari delivered only 3,484 units, a modest 2.7% increase compared to the prior year. But that modest increase drove second-quarter revenue 16.2% higher, again demonstrating strong pricing power.

Another positive for owning Ferrari stock is simply that it's more recession-proof. Ferrari's target audience is generally less impacted by economic downturns and will still buy a Ferrari regardless. It's also true that many Ferrari vehicles are considered collectibles, which helps hold their value over time. The downside is that you pay a premium to own Ferrari stock and its unique high-margin auto business. The company trades at a price-to-earnings ratio of 55.