Ferrari shares drop as investors critique new Luce EV
Ferrari shares fell over 8% on Tuesday following the unveiling of the Luce, the company's first fully electric vehicle. Critics and investors expressed concern over the model's design and its departure from the brand's traditional high-performance identity.
FERRARI NV shares fell by more than 8% on Tuesday after the unveiling of its Luce electric vehicle drew sharp criticism from investors and purists. The €550,000 family car represents a departure from the high-performance combustion engines that define the brand. Investors are questioning if Ferrari can maintain its premium identity while pivoting to battery power.
### Market Skepticism Over Aesthetic and Identity The Luce, a four-door, five-seat model, was developed alongside Jony Ive and his LoveFrom collective. Ive previously served as the design chief for APPLE INC. The vehicle's departure from traditional styling triggered a 5.1% drop in New York-listed shares by the late evening.
