Ferrari unveiled its first all-electric supercar, the Luce, priced at $640,000, sparking intense debate. The launch triggered an 8% drop in Ferrari's stock and drew criticism from fans, investors, and former executives, including ex-chairman Luca di Montezemolo, who called it a 'destruction of a myth.'
Core Facts & Immediate Reaction
Ferrari's CEO Benedetto Vigna defended the Luce's design and price, emphasizing innovation and strong customer demand. The car, designed by Jony Ive's LoveFrom, features a radical exterior that diverges from Ferrari's traditional aesthetic. Critics mocked its appearance, comparing it to a vacuum cleaner or camper, while supporters praised its boldness.
Deeper Dive & Context
Design and Innovation
The Luce's design was outsourced to LoveFrom, led by Jony Ive, known for his work on Apple products. Ferrari aimed to 'think outside the box,' resulting in a four-door, five-seat EV with a glass roof. Vigna clarified that the Luce does not signal a full shift to electric vehicles, as hybrids will remain part of Ferrari's lineup.
Market and Investor Reaction
The stock drop followed the unveiling, with investors concerned about the car's commercial viability. Ferrari has scaled back its EV ambitions, now expecting electric models to make up 20% of sales by 2030. Analysts like Karl Brauer questioned the market for high-end electric supercars, citing Lamborghini's decision to cancel its EV plans.
Fan and Executive Responses
Former Ferrari chairman Luca di Montezemolo criticized the design, suggesting the prancing horse logo should be removed. Fans and social media users mocked the car's appearance, while supporters like James May defended its innovation. Vigna acknowledged the polarizing reaction, stating that true innovation often lacks immediate consensus.
Security and Launch Details
The launch was held under extreme secrecy, with journalists signing non-disclosure agreements and their devices sealed to prevent leaks. The event took place at Rome's Vela di Calatrava complex, with Ferrari emphasizing the car's uniqueness compared to Chinese EVs.