Ferrari’s CEO and Former Chairman Disagree on Electric Vehicle’s Merits
Ferrari’s CEO Benedetto Vigna maintains that the company’s first electric vehicle (EV), the Luce, deserves "respect," defending its €550,000 ($640,000) price tag as fair for innovation. He distinguishes it from Chinese EVs and emphasizes that the Luce is not a replacement for traditional Ferrari engines.
Former Ferrari chairman Luca di Montezemolo disagrees, calling the vehicle a "disgrace" to the company’s history and suggesting the removal of the iconic prancing horse logo. Italy’s Deputy Prime Minister Matteo Salvini also expressed skepticism on social media, finding the design unappealing and questioning its connection to the "Prancing Horse."
The backlash, however, has not significantly impacted Ferrari’s stock performance, with shares recovering slightly after an initial 8% drop post-launch. Analysts downplay the investor backlash, noting strong financial health and a robust order book for traditional ICE models.
Key points:
- Ferrari’s first electric vehicle, Luce, launched to mixed reviews.
- CEO Vigna defends price and positioning, while former chairman di Montezemolo calls for logo change.
- Government official Salvini criticizes design on social media.
- Despite initial share drop, analysts expect strong sales of Luce and existing models.