Ferrari CEO defends $640,000 electric car price

Ferrari CEO Benedetto Vigna defended the €550,000 (approximately $640,000) price of the automaker’s first fully electric vehicle, Luce, stating it has garnered significant interest from wealthy customers.The Luce was unveiled recently, leading to an immediate 8% drop in Ferrari’s stock on the Milan exchange.

Vigna noted the price reflects the innovation of the new model.

He clarified that Ferrari will not completely replace traditional engines with electric versions.

Vigna remarked that seeing the Luce will highlight its distinctiveness compared to offerings from Chinese EV manufacturers and others.

Investor reactions

The launch triggered a social media backlash and criticism from the former Ferrari chairman and Italy’s transport minister.

Analysts have suggested that concerns over investor reactions may be premature.

Ferrari’s stock fell 0.1% on Wednesday but showed a slight recovery of 1.3% on Thursday.

Vigna described the Luce’s launch as a pivotal moment in Ferrari’s history.

He emphasized the importance of respecting new technology in design.

The Luce features five seats and accelerates to 60 mph in approximately 2.5 seconds with a top speed of roughly 192 mph.

Components are developed in-house at Maranello, while design was led by LoveFrom, founded by Jony Ive.

Lewis and Charles revealed fully electric Ferrari Luce. pic.twitter.com/5HFrxjcOZJ

— La Gazzetta Ferrari (@GazzettaFerrari) May 25, 2026

Design criticism

Critics have branded the Luce as a disgrace to Ferrari’s legacy.

Former chairman Luca di Montezemolo suggested removing the Ferrari logo.

Transport Minister Matteo Salvini expressed disappointment in both price and aesthetics, questioning if it represented true innovation.

Ferrari has not commented on individual criticisms but faces scrutiny as it ventures into the electric vehicle market.