Ferrari stock drops 7% after Luce EV reveal as investors question design and strategy
TL;DR
Ferrari shares fell 7% after unveiling the Luce, its first electric car, priced at EUR 550,000. Online backlash over the five-seat hatchback design and broader luxury EV market uncertainty drove the sell-off.
Ferrari shares fell as much as 7 per cent in Milan trading on Monday, dropping to €290.55 and wiping roughly £3 billion from the company’s market cap. The sell-off came one day after the Italian carmaker unveiled the Luce, its first fully electric vehicle, at the Città dello Sport in Rome.
The Luce is a four-door, five-seat liftback priced from €550,000, roughly $640,000. It is the most expensive production electric car in the world, sitting at roughly three to four times the price of a Porsche Taycan Turbo S, Lucid Air Sapphire, or Mercedes-AMG EQS.
The hardware is not in question. Four electric motors, one per wheel, produce a combined 1,036 horsepower. Ferrari claims a 0–60...
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