Ferrari shares plummet after first EV price announcement, CEO defends pricing strategy

Jakarta, CNBC Indonesia - Ferrari CEO Benedetta Vigna explained the rationale behind pricing the company’s first fully electric model at €550,000 or approximately Rp10 billion. The Luce model triggered negative market sentiment after its official unveiling on Monday, 25 May 2026.

According to CNBC, Ferrari’s shares listed on Milan Stock Exchange dropped 8% in Tuesday trading following the EV’s launch. Negative sentiment spread across social media, with widespread criticism of the new car’s design.

Speaking at a discussion forum in Modena, Italy, on Thursday, 28 May 2026, Vigna stated the Luce’s price was justified by the company’s innovations. He argued many had misinterpreted Ferrari’s development direction post EV launch.

Vigna emphasised Ferrari would not fully replace conventional engines with electric vehicles. The Luce, he said, represents a new chapter for the company without compromising its core identity as a luxury sports car manufacturer.

He also dismissed comparisons between Ferrari’s electric offerings and Chinese or other EVs, stating the public must see the Luce firsthand to grasp its uniqueness.

Controversy over the Luce’s design drew criticism from former Ferrari executives and the Italian Transport Minister. However, automotive analysts believe investor reactions remain too early to constitute significant concern for the company.

Following a steep decline on Tuesday, Ferrari’s shares closed 0.1% lower on Wednesday but rebounded 1.7% on Thursday.

Previously, Vigna described the Luce’s launch as a pivotal moment in Ferrari’s history, marking the start of a new chapter amid the global automotive industry’s transition to electrification.

In a CNBC interview, Vign stressed that new technology development must be accompanied by respect for design and brand identity. He added that Ferrari’s electric car design must differ to accurately represent the underlying technology.