Ferrari’s shares dropped significantly on Tuesday morning after the company unveiled its first fully electric vehicle, the Luce, in Rome. This launch is important because it represents a new direction for the luxury carmaker, traditionally known for its high-performance petrol cars.
The Luce, meaning “light” in Italian, marks a significant change in design and technology. Unlike other luxury brands like Porsche and Lamborghini, which have slowed down their electric vehicle plans, Ferrari is moving forward. However, the company’s shares fell by 6.3% shortly after the announcement, reflecting a nearly 27% decline in the past year.
Benedetto Vigna, Ferrari’s CEO, described the launch as a very important day, symbolising a “new chapter” in the company’s history. He acknowledged the challenge of balancing the expectations of both new and traditional customers and stressed the importance of respecting the new technology in the car’s design.
The Luce is Ferrari’s first five-seater and can accelerate to 60 miles per hour in about 2.5 seconds, with a top speed of around 192 miles per hour. The vehicle is priced at approximately 550,000 euros, with deliveries set to begin in the fourth quarter of this year.
Analysts suggest that the falling share price is due to concerns about the vehicle’s design and the costs involved in developing electric models. Some investors fear that this shift might weaken Ferrari’s brand and profitability if the Luce fails to sell well.
