Ferrari Unveils $640,000 Fully Electric Luce to Disappointing Reviews

Ferrari unveiled its first fully electric car, the Luce, priced at $640,000. The market reacted negatively, sending Ferrari shares down in Milan trading. The car is a five-seat departure from Ferrari's traditional two-seat sports cars and was partly designed by former Apple executive Jony Ive. Ferrari has also scaled back its EV production target to 20% by 2030. - Ferrari unveiled the Luce, a fully electric five-seat car priced at €550,000 ($640,000). - Shares fell in early Milan trading as investors showed disappointment with the EV's design and strategy. - The Luce marks a sharp break from Ferrari's traditional fuel-burning, two-seat sports car heritage. - The EV is partly designed by former Apple executive Jony Ive. - Ferrari has reduced its EV production target from 40% to 20% of sales by 2030. - The pricing strategy is deliberate to maintain exclusivity and drive higher earnings. - Ferrari previously succeeded with a four-door SUV that captured new customers.