Ferrari’s first electric vehicle met with market skepticism

Ferrari introduced its first fully electric car, the Luce EV, on Monday, marking a historic shift for the luxury automaker. The vehicle, unveiled to Italy’s President and Pope Leo XIV at Castel Gandolfo near Rome, offers 1,000 horsepower, accelerates to 100 km/h in 2.5 seconds, and has a range of over 530 kilometers. It is Ferrari’s first five-seater model, priced at 500,000 euros in Italy, though U.S. pricing remains unannounced. The Luce features four electric motors—one per wheel—and a battery housed under the floor, raising the car’s height and altering its traditional sleek design. Critics, including Matt Prior of *Autocar*, noted the interior is well-crafted but argued the car lacks Ferrari’s signature aesthetic appeal. Prior also highlighted the challenge of integrating batteries without compromising the brand’s dynamic look. Ferrari’s stock dropped 8.4% in Milan and 5.3% in U.S. trading following the unveiling, reflecting market skepticism. Analysts like Robby DeGraff of AutoPacific questioned whether the brand needed a vehicle priced so high, though they acknowledged Ferrari’s need to comply with stricter emissions regulations in key markets. The launch comes as global automakers reassess electrification plans amid waning demand in some regions. Ferrari had previously aimed for 40% of its lineup to be fully electric by 2030 but scaled back the target to 20%. The company has invested billions in electrification, but the Luce’s reception underscores challenges in balancing tradition with modern EV trends. Critics online and in media also debated whether the Luce strayed too far from Ferrari’s core identity. While the brand emphasizes innovation, the car’s design and pricing have sparked debates about its market viability. Ferrari’s president, John Elkann, framed the Luce as a milestone, but the mixed response signals potential hurdles in transitioning its legacy to electric performance.