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

Summary

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.