"Even China Wouldn't Copy It" "Risk of Destroying a Legend"... Ferrari's First EV Sparks Stock Plunge
"At Risk of Destroying Our Legend"
Former Chairman Joins in Harsh Criticism
Italian supercar manufacturer Ferrari has unveiled its first pure electric vehicle (EV), but the new model has faced harsh criticism from both consumers and investors.
According to the Financial Times (FT) of the UK, on the 26th (local time), Ferrari’s shares, which are listed on the Milan Stock Exchange in Italy, closed down by 8.5%. The outlet analyzed that the controversy sparked after the unveiling of Ferrari’s first EV, “Luce,” has dampened investor sentiment.
Netizens also poured out criticism. Online, people commented that it was “an insult to the brand,” “even China wouldn’t copy this,” “shockingly bland,” and that “an electric vehicle will erase Ferrari’s iconic engine sound,” among other negative feedback.
Former key executives have also publicly criticized the release. Luca di Montezemolo, former chairman of Ferrari, said, “We are at risk of destroying a legend,” and strongly added, “I’d rather they just removed the Ferrari badge from that car.” He led Ferrari from 1991 to 2014 and is credited for reviving the company as a major force in the supercar industry.
FT noted that due to the lack of engine sound and the increased weight from the secondary battery, it will be difficult for the EV sports car to recreate the “thrill” that Ferrari vehicles have traditionally provided.
Ferrari’s rival supercar maker Lamborghini had also planned to launch its first pure EV, the “Lanzador,” by 2030. However, the company ultimately canceled the plan and shifted its strategy to plug-in hybrid (PHEV) vehicles. Lamborghini CEO Stephan Winkelmann, speaking at a forum, emphasized, “We must remember that customers buy our cars not for transportation, but because they represent a dream.” In addition, British supercar makers such as Lotus, Aston Martin, and McLaren have reportedly postponed their EV launches to sometime after the 2030s.
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Meanwhile, the local market price of the Ferrari Luce in Italy is set at 550,000 euros (approximately 1 billion won), making it the most expensive regular production model in Ferrari’s lineup, excluding limited edition supercars. Global brand analyst Scott Sherwood told the media, “How existing customers perceive the Luce probably doesn’t matter to Ferrari,” adding, “The target for this car is young tech entrepreneurs in Silicon Valley, and as long as they open their wallets, the goal is achieved.”
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