Italian luxury automaker Ferrari saw its stock price tumble on Tuesday after unveiling the Luce, its first fully electric vehicle. The company previously shunned the electric car market, but its new fully electric model, which translates to 'light,' marks a significant shift in its traditional approach, with former Chairman Luca Cordero di Montezemolo criticizing the EV. Although Ferrari CEO Benedetto Vigna characterized the launch as a 'very, very important day' for the company, the negative stock price reaction is attributed to design criticism and the market phenomenon of 'travel and arrive.' Ferrari shares fell five percent in midday trading.
Italian luxury automaker Ferrari saw its stock price tumble on Tuesday after unveiling the Luce , its first fully electric vehicle , sparking a significant shift in its traditional approach .
Former Ferrari Chairman Luca Cordero di Montezemolo criticized the EV, stating, 'I hope they at least remove the Prancing Horse from that car.
' The launch of the Luce, which translates to 'light' in English, marks a departure from Ferrari's traditional design language. Shares of Ferrari fell five percent in morning trading, with fans rejecting the car for its looks and EV powertrain. Ferrari CEO Benedetto Vigna characterized the launch as a 'very, very important day' for the company, describing it as the opening of 'a new chapter' in Ferrari's history.
The Luce breaks new ground for Ferrari as its first-ever five-seater vehicle and carries a price tag of around 550,000 euros. The negative stock price reaction is attributed to factors such as design criticism and the market phenomenon of 'travel and arrive.
' Performance specifications include acceleration from zero to 60 miles per hour in approximately 2.5 seconds and a top speed of roughly 192 miles per hour
Ferrari Luce Fully Electric Vehicle Traditional Approach Electric Car Market Launch Performance Specifications Staggering Stock Price Reaction Travel And Arrive
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