Ferrari's Stock Declines Following EV Launch
Ferrari experienced a significant drop in its stock price following the launch of its first fully electric vehicle, the Luce.
Ferrari's shares fell by 6.1% on Tuesday morning after the launch of its inaugural fully electric vehicle, the Luce, in Rome. This new model represents a strategic shift for the luxury carmaker, known for its traditional performance vehicles, amid a broader industry trend where competitors like Porsche and Lamborghini have scaled back on electric vehicle plans due to sluggish demand.
CEO Benedetto Vigna emphasized the importance of the launch, calling it a "very, very important day" that indicates the beginning of "a new chapter" for Ferrari. He acknowledged the challenges of merging innovative technology with the brand's established design ethos, stating, "when you do a new technology, you need always to keep in mind a word that is called respect." Vigna expressed confidence that both existing and new customers would be drawn to this electric offering, emphasizing the need to balance innovation with the expectations of their traditional clientele.