Rome (AFP) – Italian luxury carmaker Ferrari has unveiled its first fully electric model, the Luce, belatedly joining rivals like Porsche and Lamborghini to offer clean-energy driving thrills. But the Luce — Italian for “Light” — has yet to win over investors, with Ferrari shares the worst performers on the Milan stock exchange Tuesday, tumbling six percent following a presentation of the new vehicle in Rome.
Renowned for its powerful engines, the prestigious sports car manufacturer already sells nearly half of its cars in hybrid versions. Yet the brand with the prancing horse logo took several years before deciding to throw its hat into the all-electric ring. The five-seat Luce — which analysts believe could be priced upwards of 700,000 euros ($815,000) — boasts a top speed of over 310 kilometres per hour (190 miles per hour), accelerating to 100 kph in 2.5 seconds, according to Ferrari.
With a massive 122 kWh battery, it offers a range of over 530 kilometres and weighs 2.26 tonnes. With fast charging, the vehicle can reach an 80 percent charge from 10 percent in 20 to 25 minutes, the company claims. The car is only the second Ferrari model with four doors in the company’s history, after the Purosangue SUV, and the first five-seater for a brand better known for its sleek two-seaters.
“This new model carries into the future the values that make Ferrari instantly recognisable all over the world,” Ferrari chairman John Elkann said after presenting the car to Italian President Sergio Mattarella in Rome. He also presented it to Pope Leo XIV, who got to sit in the driver’s seat of the parked car at his residence in Castel Gandolfo. Elkann then “donated the car’s steering wheel to the pontiff,” Ferrari said.
While the brand developed many of the components in-house, the Luce’s design was entrusted to the LoveFrom collective of Jony Ive, who designed many of Apple’s most iconic products, and industrial designer Marc Newson. Ferrari describes its new electric vehicle as a “glass house,” with headlights that are invisible when switched off, and a rear end reminiscent of famous models such as the 360 Modena. Built in a brand-new factory in Maranello, northern Italy, the first cars are scheduled for delivery toward the end of this year.
– Not so fast –
Investors are not yet convinced by Ferrari’s shift to electric, which comes as other carmakers have hit the brakes on expanding their electric ranges due to slower takeup than they hoped for. “We maintain the view that an electric model with a high price tag…will not generate significant volumes” capable of bolstering Ferrari’s earnings, Equita analysts wrote in a research note Tuesday.
Banca Akros analysts were more positive, noting that even with the risk of margin dilution, “we believe that the extremely high price (over 700,000 euros after customisation) more than offsets this dilution, with the Luce already expected to be profitable.” Akros noted that Ferrari’s chief executive Benedetto Vigna has said he expects half of the Luce orders to come from new clients.
Ferrari’s share price had already plummeted in October 2025 when the first details of the Luce were unveiled, with analysts disappointed by a long-term profit outlook that fell short of expectations. Ferrari scaled back its electric ambitions at the end of 2025, projecting that electric models would account for 20 percent of its lineup in 2030, down from its previous target of 40 percent. Shares of Ferrari were down 6.3 percent at midday on the Milan stock exchange to 290.45 euros.
© 2024 AFP
