Ferrari's share price has fallen following the unveiling of its first electric vehicle, the Luce, which features a minimalist design by former Apple design chief Jony Ive. The departure from traditional Ferrari aesthetics has divided analysts and investors.
Luce EV Specifications and Pricing
The Luce, starting at $640,000 (£545,000), boasts a range of 329 miles (530 km) thanks to a 122 kWh battery. It accelerates from 0 to 100 km/h in 2.5 seconds and reaches a top speed of over 310 km/h (193 mph), powered by four motors. The launch was highly anticipated due to Ferrari's iconic status among car and Formula One enthusiasts.
Market Reaction and Investor Sentiment
Ferrari's share price dropped up to 8% in morning trading on Tuesday in Milan, later recovering to a 6% decline. This suggests investor uncertainty about the vehicle's market success. Before the launch, the company was valued at €56 billion (£48 billion). The Luce is the first Ferrari with five seats and only the second with four doors, positioning it for wealthy families rather than traditional sportscar enthusiasts. Ferrari's other four-door model is the Purosangue SUV, launched in 2022.
Design Controversy and Analyst Views
The Luce's saloon-like design has sparked debate. Some analysts question whether it aligns with Ferrari's sportscar heritage. Pierre-Olivier Essig, head of research at AIR Capital, described the Luce as a mix between a Honda Accord EV and Tesla 3, stating, "We are lost in translation with Ferrari's new strategy." Ferrari, founded in 1939, described the design as "simplified and rationalised in service of the driving experience," emphasizing it is an "entirely new Ferrari."
Partnership with Jony Ive
The Luce was developed in partnership with LoveFrom, the studio founded by Jony Ive after his tenure at Apple, where he led designs for the iPhone, MacBook, and Apple Watch. Ive is also working on an AI-focused device with OpenAI. Despite the minimalist approach, the Luce includes a motor sound played through speakers, audible inside and outside the car. Ferrari claims the sound is "authentic," amplified directly from the motors.
Ferrari's Electrification Strategy
Ferrari last year scaled back its electrification ambitions. It now targets a 2030 lineup of 40% internal combustion engines, 40% hybrids, and 20% fully electric vehicles, compared to a 2022 plan of 40% electric, 40% hybrids, and 20% petrol. CEO Benedetto Vigna stated, "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."
