Ferrari Unveils $640,000 Luce EV as Backlash Sends Shares Down 6%
Updated
Updated · Business Insider · May 26
Ferrari Unveils $640,000 Luce EV as Backlash Sends Shares Down 6%
3 articles · Updated · Business Insider · May 26
$640,000 Ferrari Luce—its first fully electric model—drew immediate online ridicule after Monday's unveiling, with users comparing the design to far cheaper mass-market cars such as the Nissan Leaf.
Ferrari shares fell about 6% in Milan on Tuesday as investors digested the debut of a five-seat EV with four electric motors, 0-60 mph in 2.5 seconds and a glass-heavy body.
Marc Newson, who designed the car with Jony Ive, said criticism is part of innovation and argued nostalgia makes forward-looking car design harder.
The launch is a milestone for Ferrari but lands in a weakening EV market, with demand softening in the US and China and major automakers already cutting back electric plans.
For Ferrari, the Luce could still help defend its luxury position as Chinese EV makers including BYD push further into Europe and the high-end performance segment.
Why did investors punish Ferrari's stock immediately after its historic electric vehicle debut?
Can Ferrari's electric supercar ever truly replace the iconic soul of its V12 engines?