tech
‘The market has spoken’: Ferrari shares fall after carmaker unveils first fully electric vehicle
Shares of luxury carmaker Ferrari fell sharply on Tuesday morning, shortly after the company launched its first fully electric vehicle.
TL;DR
- Ferrari's stock price fell sharply after the unveiling of its first fully electric vehicle, the Luce.
- The Luce represents a significant departure in design and technology for the luxury carmaker.
- Concerns about weak demand for EVs from other luxury manufacturers, like Porsche and Lamborghini, were noted.
- Ferrari CEO Benedetto Vigna emphasized respect for new technology and customer needs during the launch.
- The Luce model is described as a five-seater capable of high speeds and is priced at around 550,000 euros.
- Analysts cited 'design hate' and the 'travel and arrive' adage, noting a prior stock price increase.
- Critics, including former chairman Luca di Montezemolo and Italian Deputy Prime Minister Matteo Salvini, expressed disappointment and criticism of the EV.
- Investment concerns include high R&D costs and potential dilution of brand equity and investment returns.
- The design of the Luce was entrusted to LoveFrom, an agency founded by Jony Ive.