Shares of Ferrari plunged more than 6% on Tuesday after the luxury carmaker unveiled the Luce, its first fully electric vehicle, marking a major shift in the company’s history and design philosophy.
The Maranello-based manufacturer launched the highly anticipated model at an event in Rome, describing the name “Luce” — which translates as “light” — as one that “evokes clarity and direction.”
The unveiling comes at a time when several luxury carmakers, including Porsche and Lamborghini, have slowed or reconsidered their electric vehicle ambitions amid weakening global demand for EVs.
Following the announcement, Ferrari shares fell sharply in morning trading. The Milan-listed stock was last seen down 6.1%, although it had pared earlier losses. Ferrari’s shares have declined nearly 27% over the past 12 months.
Speaking after the launch, Ferrari Chief Executive Officer Benedetto Vigna described the debut of the Luce as a landmark moment for the company.
“It’s a very, very important day,” Vigna told CNBC, adding that the launch represents the opening of “a new chapter” in Ferrari’s history.
Addressing concerns about whether the company could balance the expectations of loyal Ferrari customers while attracting new buyers, Vigna stressed the importance of embracing innovation without abandoning the brand’s identity.
“Look, when you do a new technology, you need always to keep in mind a word that is called respect,” he said.
“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,” Vigna added.
The Ferrari CEO also said the company remained mindful of the preferences of its traditional customer base while positioning the Luce to appeal to a broader audience.
“We respect also the different needs and wishes of our customers,” Vigna said, noting that existing Ferrari clients would still be interested in the Luce, while the fully electric model would also help attract new customers to the brand.
The Luce represents one of Ferrari’s boldest moves yet as the iconic Italian marque seeks to navigate the industry’s transition toward electrification while preserving the exclusivity and performance heritage that have defined the brand for decades.
