Ferrari’s First Electric Car Runs Into Backlash in Italy and Beyond | Honolulu Star-Advertiser
Investors and fans panned the €550,000 model, and Ferrari shares fell as much as 6% after the launch, analysts said.
- On Monday, Ferrari unveiled its first all-electric vehicle, the Luce, in Rome, and shares of the Italian luxury carmaker subsequently fell as much as 6% on Nasdaq following the launch.
- Designed by Jony Ive and Marc Newson at LoveFrom, the Luce drew online comparisons to the Nissan Leaf, and many fans criticized the bubble-like exterior, sparking a flood of unflattering memes.
- The Luce "may feed into the bear case," Evercore ISI analyst Michael Binetti wrote, as investors remain concerned that design differences could hinder market appeal.
- Ferrari CEO Benedetto Vigna called the electric vehicle a "leapfrog moment" in the company's history, although high-end automakers generally struggle to gain traction with EVs in the current market.
- Bernstein analyst Stephen Reitman maintains an outperform rating on Ferrari, matching the general consensus on the Street, and noted that if Ferrari builds the car, "the clients will come.
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13 Articles
The unveiling of the very first electric Ferrari is causing a stir. While investors reacted negatively on the first day by putting the stock up for sale, Italian politicians are now also getting involved with the electric vehicle. "Electric, insanely expensive (550 thousand euros!) and, aesthetically speaking, speaks for itself," responds Italian Deputy Prime Minister and Transport Minister Matteo Salvini.
Shares in Italian carmaker Ferrari fell more than six percent after unveiling its first electric car, with critics saying the €550,500 model is similar to the Nissan Leaf, which is nearly 15 times cheaper.
The new Ferrari Luce is drawing fierce criticism for its vacuum cleaner-like design. Experts confirm that Ferrari was forced into the project against its will, but despite skepticism, the technically advanced electric car could prove to be a necessary lifeline for the brand's future.
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