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Ferrari's First Electric Car Faces Backlash from Enthusiasts and Investors

KVIA••CNN Newsource
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Ferrari's debut electric vehicle, the Luce, has sparked significant criticism from fans and investors alike, with many deeming its $640,000 price tag excessively high and its design reminiscent of a Nissan Leaf. Following the car's unveiling, Ferrari's stock plummeted over 8% on the Milan Stock Exchange, erasing approximately €5 billion in market value. Automotive expert Lauren Fix called the design 'insulting' to current Ferrari owners, while Italian Transport Minister Matteo Salvini echoed similar sentiments regarding its aesthetics. Despite the backlash, analysts suggest that the company's diverse offerings may mitigate long-term risks associated with the Luce's reception.

Key Details: • Luce priced at $640,000, causing outrage among Ferrari enthusiasts. • Ferrari's stock dropped over 8% following the car's launch, losing €5 billion in market value. • The Luce features four electric motors, a top speed of 306 km/h, and a range of over 480 km.

automotive luxury-cars electric-vehicles stock-market ferrari

People & Organizations

Bank of AmericaLauren FixMatteo SalviniFerrari

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