Key facts
- Ferrari unveiled its first all-electric car, the Luce, priced at $635,000.
- The Luce is intended to attract younger buyers and expand Ferrari's customer base.
- Former Ferrari president Luca Cordero di Montezemolo criticized the Luce's design.
- Analysts have compared the Luce unfavorably to Tesla's Model S Plaid.
- Ferrari shares dropped following negative investor reaction to the Luce's reveal.
Ferrari's first all-electric vehicle, the Luce, priced at approximately $635,000 (550,000 euros), has drawn criticism from former Ferrari president Luca Cordero di Montezemolo, who fears it could damage the brand's legacy. Analysts have also expressed concerns, with some comparing its design unfavorably to a Honda Accord EV and Tesla's Model S Plaid, suggesting the Model S Plaid outperforms the Luce on key metrics and is significantly cheaper. Ferrari management, however, framed the Luce as a strategic model to engage new demographics, particularly younger buyers and markets with high EV penetration, while reaffirming their commitment to selling V12 and V8 internal combustion engine models. Following the Luce's reveal and negative investor reaction to its design and performance specifications, Ferrari's shares experienced a drop, prompting CEO Benedetto Vigna to engage in damage control. The article also notes that Ferrari hybrids are depreciating faster than their petrol counterparts, indicating a potential shunning of electric models by car collectors.