Ferrari Shares Go Down 6% After the Luxury Carmaker Shows Off Its First Fully Electric Luce Model
Ferrari’s stock dropped after the company released the Luce, its first fully electric sports car.
Ferrari’s stock dropped more than 6% on Tuesday after the company unveiled the Luce, its first fully electric car. This was a big change in the company’s history and design theory.
The much-anticipated model was unveiled by the Maranello-based company at an event in Rome. The name “Luce,” which means “light” in English, was chosen because it “evokes clarity and direction.”
The show comes at a time when many high-end car companies, like Porsche and Lamborghini, have slowed down or changed their plans for electric vehicles because demand for them is falling around the world.
After the news came out, Ferrari shares dropped sharply in the morning trade. The Milan-listed company was down 6.1% at the last check, but it had recovered some of its earlier losses. In the past year, Ferrari’s shares have dropped by almost 27%.
If you asked Ferrari CEO Benedetto Vigna what the launch of the Luce meant for the company, he would say it was a big deal.
Vigna told CNBC, “It’s a very, very important day.” He also said that the launch marked the start of “a new chapter” in Ferrari’s past.
Concerns had been raised about whether the company could meet the needs of loyal Ferrari customers while also attracting new ones. Vigna emphasized how important it was to embrace new ideas without giving up the brand’s character.
“Listen, whenever you work on a new technology, you should always remember a word called respect,” he said.
Respect the technology, because when you get a new technology, you need to make sure that it’s shown off correctly in the design. This means that the design has to be different, Vigna said.
The CEO of Ferrari also said that the company would keep in mind the tastes of its regular customers while making the Luce more appealing to a wider range of people.
Vigna said, “We also respect the different needs and wishes of our customers.” He added that current Ferrari customers would still be interested in the Luce and that the fully electric model would help bring in new customers.
The Luce is one of Ferrari’s bravest moves yet as the famous Italian brand tries to keep the speed and exclusivity that have made the brand famous for decades while also adapting to the changing nature of the auto industry.
