On Tuesday, Ferrari unveiled its first fully electric car to the President of Italy and Pope Leo XIV. However, it remains awaiting final approval from consumers.
The Italian automaker presented the new Luce EV a day earlier—even as other luxury vehicle competitors have approached ambitious electrification plans with caution in light of falling demand in certain global markets. Markets and automotive industry critics have received the launch with skepticism.
The Luce offers 1,000 horsepower, can reach 100 kilometers per hour (60 miles per hour) in 2.5 seconds, and has a range of over 530 kilometers (329 miles). It also features four electric motors—one for each wheel.
Despite high expectations for Europe's most valuable automaker regarding its first electric product, the markets' initial reaction was not entirely positive.
Ferrari shares plummeted 8.4% on the Milan stock exchange on Tuesday. The company's U.S.-listed shares fell 5.3%.
Automotive analysts and critics reacted with disapproval, noting that the Luce departs from the brand's signature aesthetic. And while manufacturers seek to attract mainstream buyers with more affordable electric vehicles, another luxury offering appears to be a tough sell.
According to press reports, the selling price of the Luce in Italy is expected to be a staggering 500,000 euros. Its price for the United States has not yet been announced.
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