Ferrari CEO Defends Price of First Electric Car Amid Criticism

On Thursday, Ferrari’s CEO Benedetto Vigna defended the hefty price of $640,000 for the luxury brand’s inaugural electric vehicle, emphasizing its innovation and the strong demand from customers. However, this stance hasn’t exactly been met with unanimous approval from Ferrari enthusiasts and investors.

During a roundtable in Modena, Italy, Vigna addressed concerns that arose after the announcement of the electric car, known as the Luce, which was unveiled in Rome earlier this week. Following its debut, the company’s shares fell 8% in Milan, reflecting significant investor apprehension.

Vigna argued that the price of the Luce fairly reflects the advanced features it offers. He noted worries that people might misconstrue the media coverage to think Ferrari would completely shift from its iconic combustion engines to electric ones, which he confirmed is not the company’s direction.

“To understand Luce, you need to see it doesn’t align with brands like Chinese EVs,” he said. Vigna highlighted that the new model is generating considerable interest from affluent potential buyers as well. Earlier this week, he described the launch as a pivotal moment in Ferrari’s legacy, marking the start of a new phase.

When asked how he plans to cater to both new customers and the brand’s long-time devotees, Vigna stated that introducing new technology must be approached with respect. “Design must showcase the technology,” he mentioned, implying that the car’s design should reflect its technological advancements.

Despite his assertions, the Luce’s design has faced harsh critiques, with some fans likening it to more affordable options like the Nissan Leaf.

Former Ferrari chairman Luca di Montezemolo has also expressed disappointment. In a candid response to inquiries about the Luce, he remarked that revealing his true feelings could harm Ferrari and expressed concern the brand was “risking destroying the myth” associated with it.

Ferrari’s management has opted not to respond to Montezemolo’s remarks. Notably, he joined the board of competitor McLaren, which also builds sports cars and hybrid models, making him a rival player in the market.

Further criticism came from Italy’s Deputy Prime Minister Matteo Salvini, who described the Luce as overpriced and aesthetically uninspiring. “It doesn’t look like anything other than a Prancing Horse car,” he stated, questioning the innovation behind it.