Ferrari shares tumble after automaker unveils first electric car
Ferrari's shares dropped significantly after the unveiling of its first electric vehicle, the Luce, in Rome. The launch has raised concerns among investors about the brand's shift from traditional combustion engines. Despite the backlash, Ferrari's CEO emphasized the importance of this new chapter in the company's history and its commitment to electrification.
- ▪Ferrari's shares fell over 6% following the launch of the Luce, its first fully electric vehicle.
- ▪The Luce can accelerate from 0 to 60 mph in approximately 2.5 seconds and has a starting price of around 550,000 euros.
- ▪Ferrari has invested approximately 4.7 billion euros in electrification through 2030, aiming for electric vehicles to make up one-fifth of sales by the end of the decade.
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Ferrari shares fell sharply Tuesday after the Italian sports car manufacturer unveiled the Luce, its first fully electric vehicle, at a ceremony in Rome, triggering a wave of investor anxiety over the brand’s pivot away from the combustion engines that made it famous. Milan-listed shares of Ferrari dropped more than 6%, while U.S.-listed shares on the New York Stock Exchange fell roughly 4%. The Maranello-based automaker unveiled the Luce — Italian for “light,” a name the company said “evokes clarity and direction” — at the Vela di Calatrava venue in Rome. The model marks a significant departure from Ferrari’s traditional aesthetic and arrives even as rival luxury automakers Porsche and Lamborghini have scaled back their own electric vehicle ambitions amid weak demand.
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