Ferrari Shares Slump After Unveiling First Fully Electric Car
Luxury sports car manufacturer Ferrari has seen its shares tumble after unveiling its first fully electric vehicle, the $640,000 (£474,320) Luce.
Following the launch, Ferrari’s shares dropped more than 8% on the Milan stock market and over 5% in New York as investors and car enthusiasts reacted to the company’s bold shift into the electric vehicle market.
The Luce – which means “light” in Italian – marks a major departure from Ferrari’s traditional styling. Developed in collaboration with LoveFrom, the design agency founded by former Apple design chief Jony Ive, the vehicle is Ferrari’s first-ever five-seater.
Ferrari CEO Benedetto Vigna said the EV took five years to develop and recently showcased the vehicle to Pope Leo in Rome.
The Luce features Ferrari-built electric motors on each wheel and can accelerate from 0 to 60mph (96km/h) in approximately 2.5 seconds. Ferrari also stated that all major components are produced in-house to ensure long-term maintenance support and preserve resale value.
Despite the technological advancements, reactions online have been sharply divided. Some social media users criticised the design heavily, with one calling it “straight to the junkyard trash,” while others praised it as a “masterclass in design.”
Ferrari’s chief design officer, Flavio Manzoni, acknowledged the car’s polarising reception but argued that innovation often attracts criticism before acceptance.
The launch comes amid growing uncertainty in the global EV market. Carmakers such as Lamborghini and Porsche have recently scaled back their electric vehicle ambitions due to slowing demand and increasing competition from Chinese automakers.
Meanwhile, companies including Ford and Volkswagen have intensified focus on petrol-powered vehicles, particularly in the United States, where policy changes under President Donald Trump reduced incentives for EV buyers.
Although Ferrari remains Europe’s most valuable carmaker, the company’s shares have now fallen more than 30% over the past year amid broader weakness across the luxury goods sector and slowing global consumer demand.
