Ferrari Unveils Its First Fully Electric Car, the Luce

Ferrari, the luxury sports car manufacturer, has revealed the design of the Luce, marking its first fully electric car produced by the company.

The vehicle's design sparked widespread reactions across social media platforms and online forums. While some praised the design, others expressed disappointment, considering the appearance unbefitting of the Ferrari brand. Additionally, some investors were not receptive to the design, leading to a decline in Ferrari’s stock at the start of trading on Tuesday.

Pierre-Olivier Essig from AIR Capital described the car’s appearance as a "hybrid combining the look of Honda Accord and Tesla Model 3 electric cars."

The Luce features a cabin that accommodates five passengers, with an unconventional design for Ferrari vehicles, crafted by Johnny Ive, the former chief designer at Apple.

The car can reach a maximum speed of 310 kilometers per hour and accelerate from 0 to 100 km/h in just 2.5 seconds. The price is set at 559,000 euros, approximately 647,000 US dollars.

Ferrari’s strategy includes having electric models account for 20% of its sales by 2030, with internal combustion engine vehicles representing 40%, and hybrids also making up 40%. Currently, the company sells fewer than 14,000 cars annually. Scarcity and high pricing are key elements of Ferrari’s successful business model, positioning it as the largest car manufacturer in Europe by market capitalization.

The Wall Street Journal noted that the resale value of electric vehicles might pose a challenge for Ferrari, as electric cars tend to depreciate more over time compared to gasoline-powered vehicles. The used car market is significant for the Italian company, which reports that about 90% of all Ferrari cars ever produced remain operational on roads.