Ferrari's First EV Debut Sent Shares Plummeting

Ferrari formally launched its first electric vehicle ( EV) on Monday, 25 May. The debut marks a significant shift for the luxury sports car manufacturer, as competitors including Porsche and Lamborghini have scaled back their EV ambitions citing weak demand. The Luce, a four-door five-seater whose name means ’ light’ in Italian, was developed with assistance from Apple’s former design chief Jony Ive and his collective LoveFrom. However, Ferrari’s shares fell sharply on Tuesday, 26 May, following the EV’s launch. In Milan, shares dropped around 8% on Tuesday, while US-listed shares fell 5.3%. Shares listed in Milan have plummeted over 32% in the past 12 months. CEO Benedetta Vigna said the Luce’s launch was a ’ very important day’ for the company, symbolising ’ a new chapter’ in its history. ‘When you use new technology, you must always remember the word’ respect,’ Vigna told Charlotte Reed in an interview with CNBC International on Wednesday, 27 May. ’ Respect for the technology, because when you have new technology, you need to ensure it is well represented in the design, so the design must be different,’ he added.