‘It’s insulting’: Ferrari fans have given their verdict on its first electric car, and it’s not good

By Mustafa Qadri, CNN

(CNN) — It’s deemed outrageously expensive, it’s insulting to existing owners and perhaps most damning of all – it looks like a Nissan Leaf. Those are just some of the unflattering comments directed at Ferrari’s first electric car, the Luce, since it was unveiled earlier this week by the legendary Italian marque.

Ferrari’s share price fell more than 8% on the Milan stock exchange the day after the company unveiled the Luce, whose bubble-like appearance marks a radical departure for a brand associated with sleek angles.

British car magazine Auto Express described the EV supercar, priced at $640,000, as the “Apple car that no one wanted,” a reference to the former Apple design chief Jony Ive, whose agency helped design it.

“I’m a Ferrari owner, so I will tell you, it’s insulting to those of us that have these cars,” said US automative expert Lauren Fix, speaking on CNN’s Quest Means Business. “It looks like a Nissan Leaf,” she added – a model that retails at less than a 10th of the price.

Fix suggested Ferrari had felt they had to create an electric car, but warned that consumers would baulk at the high price tag, pointing out that Porsche had dropped its own plans to make an electric car.

Italians appeared to agree. “Outrageously expensive (550,000 euros!) and, from anaesthetic point of view, it speaks for itself… It looks like anything but a car from the prancing horse,” posted Matteo Salvini, the country’s transport minister, on X.

The Luce is Ferrari’s first ever five-seater and aims to appeal to families with deep pockets. It features four electric motors, a top speed of 190 mph and has a range of more than 300 miles. It also has artificial engine vibrations and sound to preserve the Ferrari driving experience.

Horst Schneider, head of European automative research at the Bank of America, said the backlash had focused on “whether the Luce still looks and feels like a Ferrari,” but added that the risk to the company looked “manageable” given its broader line-up.

The stock has pared some of those losses, but has not fully recovered, wiping some €5 billion ($5.8 billion) off its market value.

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