Ferrari Unveils First Fully Electric Car
The new electric model drew criticism over its design and price, while shares fell as much as 8% before recovering, Reuters said.
- On Monday, Ferrari unveiled the Luce, its first fully electric vehicle, prompting investors to sell shares down 8.4% in Milan on Tuesday amid concerns over brand identity.
- Former Ferrari Chairman Luca Cordero di Montezemolo called the four-door car a "betrayal of Ferrari's history," while Italian Transport Minister Matteo Salvini said it was "anything but a Prancing Horse car."
- Designed with former Apple design chief Jony Ive, the Luce features four independent electric engines generating 1,036 horsepower and costs €550,000, targeting technology entrepreneurs in Silicon Valley and China.
- Shares steadied on Wednesday, gaining 0.28% after the initial sell-off. HSBC Global Investment Research maintained a "hold" rating while Bernstein rated the stock "Outperform," citing confidence in Ferrari's buyer feedback loops.
- Ferrari targets fourth-quarter deliveries for the Luce to capture growing premium electric vehicle demand in China. The move comes as other luxury automakers have slowed or reworked their electric vehicle plans.
39 Articles
39 Articles
Ferrari's first electric car, the Luce four-door sedan, didn't seem to appeal to buyers and investors at all. The car's presentation caused a wave of ridicule on social media and hit the company's shares.
by Lucio Aquilina "designer" The arrival of the electric Ferrari is not only an industrial event. It is a cultural test. It is not only about motors or financial markets: it concerns the possibility that an object loses its language while trying to adapt to the future. The reactions of the market following the presentation do not tell a technical or commercial problem. They signal something thinner: a possible perceptive fracture between what th…
Ferrari's polarizing new electric Luce is a bet on a huge untapped market
Ferrari revealed the Luce, its first EV, on Monday.FerrariFerrari's first electric car, the Luce, is off to a bad start.The $640,000 EV was torn apart by the internet, sparking a share price drop for Ferrari.Ferrari execs say the Luce aims to win over EV owners. Nowhere has more of those than China.Ferrari's new electric car is off to a bad start in the court of public opinion. The Italian automaker might be more concerned about a market where e…
Ferrari shares fell by about six to eight percent in a single day. The main reason for the drop was the introduction of Ferrari's first purely electric model. Investors simply don't believe in the electric car, called Luce. They don't see it as likely to be as lucrative a business as classic Ferrari models with combustion engines, a loud sound and a distinctive design.
The controversial debut of the first electric Ferrari divides fans and investors. Still the tragedy of a young man, who leads his mother to demand from the government the prohibition of TikTok.
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