Ferrari shares fall 6% after luxury carmaker launches first fully electric vehicle

The Maranello, Italy-based sports car manufacturer unveiled the Luce, which translates as “light,” at a venue in Rome, describing the choice of name as one that “evokes clarity and direction.”

The highly anticipated model marks a departure from the aesthetic of typical Ferraris and comes even as other luxury car manufacturers, notably Porsche and Lamborghini, have scaled back on plans to launch their own EVs due to weak demand.

Shares of Ferrari were last seen down 6.3% on Tuesday morning, paring some of its earlier losses. The Milan-listed stock is down nearly 27% over the last 12 months.

Ferrari CEO Benedetto Vigna described the launch of the Luce model as a “very, very important day” for the company, one that symbolizes the opening of “a new chapter” in its history.

“Respect of the technology, because when you have a new technology, you need to make sure that that technology is properly represented in the design, so the design must be different,” he added.

Vigna said the carmaker also respects the different needs and wishes of their customers, adding that existing clientele will be interested in the Luce and the company will welcome new clients thanks to the fully electric model.

Ferrari’s first-ever five-seater car, the Luce model can hit 60 miles per hour in around 2.5 seconds and has a maximum speed of roughly 192 miles per hour.

Ferrari said it had chosen to develop and manufacture all components in-house in Maranello, while the design was entrusted to LoveFrom, an agency founded by former Apple design chief Jony Ive.

Vigna said the Luce model would provide Ferrari drivers with “the same sensation” as a typical model but the all-important sound of the car was one associated with an electric engine and “each engine has its own sound.”

“What is important is the emotion that is [being given] to the driver,” he added.