Ferrari shares fall after launch of first EV as Jony Ive design proves divisive

Ferrari’s first electric vehicle, the Luce, launched with a minimalist design created by Jony Ive’s former Apple design chief. The model starts at $640,000 and offers a 329-mile range based on a 122 kWh battery. It uses four motors to accelerate from 0 to 100 km/h in 2.5 seconds and reach a top speed above 310 km/h. The saloon-like appearance sparked division among analysts, raising questions about whether it matches Ferrari’s sportscar heritage. Ferrari shares fell as much as 8% in Milan before recovering to a 6% decline. The Luce adds five seats and four doors, targeting super-wealthy families. Ferrari plans a 2030 mix of 40% internal combustion, 40% hybrids, and 20% fully electric.

"Ferrari's share price has dropped after it revealed a long-awaited first electric vehicle, with a minimalist look created by former Apple design chief Jony Ive that departs from the Italian manufacturer's petrol sportscars. The Luce, starting at $640,000 (545,000), has a range of 329 miles (530km) thanks to its battery capacity of 122 kilowatt hours, the company said, with four motors that can accelerate from 0 to 100km/h in 2.5 seconds, with a top speed of more than 310km/h (193mph)."

"However, the Luce's saloon-like design immediately proved divisive, with some analysts questioning whether it lived up to Ferrari's sportscar heritage. The carmaker's share price dropped by as much as 8% in morning trading on Tuesday in Milan, before recovering to a 6% decline, suggesting investors were unsure whether it would prove to be a hit. The carmaker, which produces all its cars in Maranello, northern Italy, was valued at 56bn (48bn) before the launch."

"The Luce is the first Ferrari to have five seats, and only the second to have four doors, suggesting it is pitched towards super-wealthy families rather than sportscar enthusiasts. Ferrari's other four-door model is the Purosangue, an SUV launched in 2022. Ferrari, founded in 1939, said the car's design was simplified and rationalised in service of the driving experience, and emphasised that was creating an entirely new Ferrari."

"The company last year scaled back its ambitions to shift from petrol to electric. It is aiming to have a 2030 lineup of 40% internal combustion engine models, 40% hybrids and 20% fully-electric. In 2022 it had planned for 40% electric, 40% hybrids and 20% petrol models by 2030. The Luce was developed in partnership with Jony Ive's LoveFrom studio."

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