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Ferrari's first electric vehicle Luce draws harsh criticism, shares plunge in Milan
Ferrari shares fell sharply in Milan after critics blasted the design of its first fully electric vehicle, the $640,000 Luce. The four-door, five-seat EV received negative reviews from analysts and social media, marking an early setback for the Italian carmaker's push into electric vehicles.
Ferrari shares plunged in Milan trading after critics and enthusiasts alike blasted the design of the Italian carmaker's first fully electric vehicle, the Luce. The four-door, five-seat EV, priced at $640,000, drew scathing reviews from both industry analysts and social media commentators, marking an early setback for Ferrari's controversial push into the electric vehicle market.
The negative reaction was swift and unsparing. Among the most cutting comparisons, critics likened the Luce's appearance to a Honda Accord and a Tesla Model 3, descriptions that are particularly damaging for a brand built on exclusivity and design excellence. The reviews represent an unusual blow for Ferrari, whose vehicle designs have historically been celebrated and eagerly anticipated by automotive enthusiasts worldwide.
Ferrari's decision to enter the fully electric segment has been closely watched by the automotive industry. The Luce represents the Maranello-based company's attempt to reconcile its heritage of high-performance combustion engines with the global transition toward electrification. The company invested heavily in developing an EV that would attempt to deliver the visceral driving experience associated with the Ferrari brand.
Industry observers note that the challenge of translating Ferrari's design language to a fully electric platform is considerable. The absence of a traditional engine compartment and the need to accommodate a large battery pack fundamentally alter a vehicle's proportions and design possibilities. Some defenders of the design praised the engineering craft behind the vehicle, even as the exterior styling drew widespread criticism.
The stock market reaction underscores the risks Ferrari faces as it navigates the transition to electrification. The share price decline reflects investor concerns that the design misstep could damage the brand's carefully cultivated image and potentially slow the uptake of what was expected to be a significant new revenue stream. Ferrari now faces the challenge of winning over skeptics ahead of the Luce's market launch, as the company's EV strategy remains under intense scrutiny.