Ferrari Defends $640,000 Luce EV as Stock Rebounds 1.3% After 8% Slide
Updated
Updated · CNBC · May 28
Ferrari Defends $640,000 Luce EV as Stock Rebounds 1.3% After 8% Slide
6 articles · Updated · CNBC · May 28
550,000 euros is a fair price for Ferrari’s first EV, CEO Benedetto Vigna said in Modena, arguing the Luce has drawn strong interest, including from new ultra-wealthy buyers.
The defense followed an 8% drop in Ferrari’s Milan-listed shares on Tuesday after the Luce’s unveiling; the stock then slipped 0.1% on Wednesday before rising 1.3% on Thursday.
Vigna said the Luce does not signal a wholesale shift away from Ferrari’s traditional engines and argued its distinct design reflects the need to properly represent new technology.
Criticism has spread beyond investors: former chairman Luca di Montezemolo called the car a disgrace, and Transport Minister Matteo Salvini mocked its looks and 550,000-euro price.
The five-seat Luce opens a new chapter for Ferrari, pairing in-house Maranello engineering with design by Jony Ive’s LoveFrom; analysts have said it is still too early to judge the backlash.
With a design from Apple's Jony Ive, is the Ferrari Luce the future of supercars or a soulless tech product?
Is Ferrari's silent, $640,000 EV a genius reinvention or a betrayal of its legendary automotive soul?
Ferrari Luce Launch: Controversial €550,000 EV Sparks Global Backlash and Redefines Brand Strategy
Overview
The Ferrari Luce made its debut in Rome, marking a bold shift from Ferrari’s traditional design with a futuristic look crafted by Jony Ive and LoveFrom. This launch comes as other luxury brands like Porsche and Lamborghini scale back their electric vehicle plans due to weak demand, making Ferrari’s move especially notable. Investors are watching closely, as the Luce’s initial demand will signal its market potential. Ferrari aims to attract new customers, particularly in China, with this innovative model. The Luce’s success in reaching these new segments will be crucial for Ferrari’s long-term strategy and brand evolution.