Ferrari, the iconic Italian car manufacturer, recently unveiled its first electric vehicle, the Luce, but the reception has been less than favorable. The Luce, priced at $640,000, has drawn criticism for its design and cost, with some comparing its appearance to the much more affordable Nissan Leaf.

Fan and Expert Reactions

Lauren Fix, a U.S. automotive expert and Ferrari owner, expressed her disappointment on CNN’s Quest Means Business, stating, “It’s insulting to those of us that have these cars.” She highlighted the stark contrast between the Luce’s design and the sleek angles typically associated with Ferrari. The sentiment was echoed by Matteo Salvini, Italy’s transport minister, who described the car as “outrageously expensive” and criticized its aesthetic.

British car magazine Auto Express likened the Luce to “the Apple car that no one wanted,” referencing the involvement of Jony Ive’s design agency. Despite the backlash, Horst Schneider, head of European automotive research at the Bank of America, noted that the impact on Ferrari’s overall brand might be manageable due to its diverse lineup.

Market Impact

Following the unveiling, Ferrari’s share price dropped over 8% on the Milan stock exchange, erasing approximately €5 billion ($5.8 billion) from its market value. Although the stock has since recovered some of its losses, the initial reaction underscores the challenges Ferrari faces in entering the electric vehicle market.

The Luce is Ferrari’s first five-seater model, targeting affluent families. It boasts four electric motors, a top speed of 190 mph, and a range exceeding 300 miles. To maintain the traditional Ferrari driving experience, the car includes artificial engine vibrations and sound.

Original reporting: KTVZ (Central Oregon) — read the source article.