TL;DRFerrari’s stock fell 8% after the Luce launch. Its former chairman called the EV a disgrace. Italy’s transport minister criticised it on X.
Ferrari CEO Benedetto Vigna used a round table in Modena on Thursday to defend the €550,000 ($640,000) price tag for the Luce, the company’s first fully electric vehicle. The car was unveiled on Monday. By Tuesday, Ferrari’s Milan-listed stock had fallen 8%.
Vigna said the price was fair for innovation and that the Luce has “nothing to do with Chinese EVs or those by other brands.” He stressed that media coverage might lead some to conclude Ferrari was replacing traditional engines with electric, which he said was not the case.
The defence was necessary because the backlash came from inside the house. Luca di Montezemolo, who served as Ferrari chairman for two decades until 2014, described the vehicle to Italian media as a disgrace to the company’s history.
“I hope that they take off the prancing horse from that car,” Montezemolo said on the sidelines of a business conference in Rome. He joined the board of rival McLaren last year, which makes the criticism both personal and competitive.The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
