Photo: MARCO BERTORELLO / AFP / Getty Images
Ferrari's debut of its first all-electric car, the Luce, has been met with significant criticism from both Italians and online commentators. Unveiled on Tuesday (May 26) in Rome, the Luce, which means "light" in Italian, marks a bold shift for the iconic luxury carmaker known for its high-performance combustion engines. Priced at approximately $640,000, the Luce is Ferrari's first-ever five-seater model and can reach 60 mph in about 2.5 seconds with a top speed of 192 mph.
Despite these impressive specifications, the Luce's design and price have sparked controversy. Italian Deputy Prime Minister and Transport Minister Matteo Salvini criticized the car's aesthetics and high cost, questioning its alignment with Ferrari's storied brand. Former Ferrari chairman Luca di Montezemolo also expressed disdain, suggesting the company remove its iconic "prancing horse" logo from the vehicle.
The market reaction was swift, with Ferrari's shares dropping over 8% in Milan and 5.3% in the U.S. Analysts attribute this to the mixed reception of the design and concerns over the brand's shift to electric vehicles. Michael Field, a chief equity strategist at Morningstar, noted the high research and development costs associated with the EV model, which could pressure Ferrari's investment returns.
Despite the backlash, Ferrari CEO Benedetto Vigna remains optimistic, describing the Luce's launch as a significant milestone. He emphasized the importance of respecting new technology and assured that the Luce would appeal to both existing and new customers. The company plans to begin deliveries in the fourth quarter of the year, targeting markets like China and tech-savvy buyers in Silicon Valley.
The Luce's introduction reflects Ferrari's response to European carbon-emission regulations, although analysts like Martino de Ambroggi from Equita believe the model's high price may limit its sales volume. As Ferrari navigates this new chapter, the company faces the challenge of maintaining its brand image while embracing electrification.