Source: Fortune
Summary
Ferrari’s first electric vehicle, the Luce, has been met with widespread criticism and mockery from fans, analysts, and investors. The car’s design has been compared to a vacuum cleaner and a camper, with many expressing disappointment and disbelief at the $640,000 price tag. Former Ferrari chairman Luca di Montezemolo publicly expressed his disapproval, stating that the car risks destroying the Ferrari myth. Despite the backlash, Ferrari CEO Benedetto Vigna remains optimistic, emphasizing the importance of innovation and pushing the boundaries of what is possible.
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The numbers tell one story.
Ferrari shares plummeted 8% on the Milan Stock Exchange following the Luce’s unveiling. The company’s attempt to enter the EV market has been met with skepticism, with many questioning the car’s design and price. CEO Benedetto Vigna’s response to criticism has been to emphasize the importance of innovation, but it remains to be seen whether this will be enough to win over fans and investors. Meanwhile, former chairman Luca di Montezemolo’s public disapproval has added fuel to the fire. The Luce’s success will be a test of Ferrari’s ability to adapt to changing market trends while maintaining its luxury brand image.
The Ferrari myth is being rewritten.
Author: Evan Null
