Ferrari Shares Slide Nearly 8% on $550,000 Luce EV Backlash
RACE•Ferrari shares plunged 7.8% in Milan trading after unveiling its first fully electric Luce, priced at $550,000 and criticized for its unconventional styling. The EV delivers 1,000 horsepower, reaches 100 km/h in 2.5 seconds and offers 329 miles of range, prompting investor concern about the brand’s EV strategy.
1. Stock Market Reaction
Ferrari shares fell as much as 7.8% in early Milan trading following the debut of the Luce EV, marking the steepest decline since October. By midday the stock was down 6.4%, highlighting heightened investor scrutiny over the company’s shift into electric vehicles.
2. Luce EV Specifications and Design
The Luce is a four-door, five-seat EV priced at $550,000, developed with input from former Apple design chief Jony Ive. It features four motors delivering 1,000 horsepower, a 122 kWh battery pack built in Maranello, 329 miles of range, a 2.5-second sprint to 100 km/h and bespoke acoustic amplification of electric motor hum.
3. Strategic Implications for Ferrari
Ferrari’s 2030 plan now targets 20% fully electric models, down from prior forecasts, alongside continued hybrid and combustion offerings. With annual production capped near 14,000 units and a €53 billion valuation, investors are weighing whether the Luce can uphold Ferrari’s luxury scarcity model amid uncertain ultra-luxury EV demand.
