Ferrari's share price fell by as much as 8% on Tuesday after the unveiling of its first electric vehicle, the Luce, designed in collaboration with former Apple design chief Jony Ive. The minimalist saloon-like design, starting at $640,000 (£477,000), has drawn criticism from analysts who question whether it lives up to the sportscar brand's heritage.
The Luce features a 122 kWh battery providing a range of 329 miles and four motors enabling acceleration from 0 to 100 km/h in 2.5 seconds, with a top speed exceeding 310 km/h. It is Ferrari's first five-seat model and only its second four-door car, suggesting a focus on wealthy families rather than traditional sportscar enthusiasts.
Ferrari CEO Benedetto Vigna defended the design, stating: 'We are convinced that a company demonstrates its leadership when it has the courage to dare and to take on the challenge of new technologies. Ferrari Luce was born precisely from this challenge, offering our unprecedented vision of electrification.' However, some analysts remain unconvinced. Pierre-Olivier Essig of AIR Capital described the Luce as a 'mix between a Honda Accord EV and Tesla 3', adding: 'We are lost in translation with Ferrari's new strategy.'
The Luce includes a simulated engine sound played through speakers, which Ferrari claims is 'authentic' as it is amplified directly from the motor noise. The company has scaled back its electrification ambitions, now targeting 40% internal combustion engine models, 40% hybrids, and 20% fully electric vehicles by 2030, compared to an earlier plan for 40% electric.
