Ferrari Unveils First Fully Electric Car
The new electric model drew criticism over its design and price, while shares fell as much as 8% before recovering, Reuters said.
- On Monday, Ferrari unveiled the Luce, its first fully electric vehicle, prompting investors to sell shares down 8.4% in Milan on Tuesday amid concerns over brand identity.
- Former Ferrari Chairman Luca Cordero di Montezemolo called the four-door car a "betrayal of Ferrari's history," while Italian Transport Minister Matteo Salvini said it was "anything but a Prancing Horse car."
- Designed with former Apple design chief Jony Ive, the Luce features four independent electric engines generating 1,036 horsepower and costs €550,000, targeting technology entrepreneurs in Silicon Valley and China.
- Shares steadied on Wednesday, gaining 0.28% after the initial sell-off. HSBC Global Investment Research maintained a "hold" rating while Bernstein rated the stock "Outperform," citing confidence in Ferrari's buyer feedback loops.
- Ferrari targets fourth-quarter deliveries for the Luce to capture growing premium electric vehicle demand in China. The move comes as other luxury automakers have slowed or reworked their electric vehicle plans.
30 Articles
30 Articles
Ferrari shares fell by about six to eight percent in a single day. The main reason for the drop was the introduction of Ferrari's first purely electric model. Investors simply don't believe in the electric car, called Luce. They don't see it as likely to be as lucrative a business as classic Ferrari models with combustion engines, a loud sound and a distinctive design.
The controversial debut of the first electric Ferrari divides fans and investors. Still the tragedy of a young man, who leads his mother to demand from the government the prohibition of TikTok.
Ferrari has unveiled the Luce, its first fully electric car, and the market hasn't exactly welcomed it with enthusiasm. The model promises over 1,000 hp, a range of 530 kilometers, and a top speed exceeding 310 km/h, but the debate centers on whether it retains the brand's DNA. Read more
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