Ferrari’s first foray into electric vehicles has sparked an intense backlash from fans and investors. Created in collaboration with former Apple chief designer Jony Ive, the new Luce model’s futuristic form, silent engine and £475,000 price tag were always going to be “controversial”, said Politico. Ferrari’s former chair Luca di Montezemolo spoke for many “purists in Italy” when he said it “risks destroying the myth” of the legendary cars.
‘Anything but a Ferrari’ “The Luce does not look like a Ferrari,” said Luke Plunkett on Aftermath. “It looks like the concept for a Honda Hydrogen vehicle from 2002”, or “one of the ‘this is what the future will look like from the 90s’ cars from ‘Demolition Man’, only worse”. It looks like “anything but a Ferrari”.
Ferrari’s chief design officer, Flavio Manzoni, admitted that the design was “polarising”, but insisted fans will embrace the new car eventually. Investors, however, were less confident. Ferrari shares fell nearly 8% in Milan on Tuesday, amid fears the Luce launch “could become a repeat of Jaguar Land Rover’s controversial failed rebrand” in 2024, when the British carmaker “tried to shift the marque away from its traditional ‘Jag man’ image towards ultra-wealthy customers”, said The Telegraph.
‘Energy transition challenge’ Development of the Luce kicked off in 2021, when “EVs were riding high and increasing in popularity in the premium, sport and luxury space”, said Car magazine. But since then, carmakers have “retreated from their EV initiatives”, said Forbes. Lamborghini has scrapped its first planned EV, Porsche is opting for hybrid technology and McLaren is steering clear entirely.
The “initial negative reaction to Ferrari’s new model was not surprising”, said the Financial Times, and underscores the “energy transition challenge for luxury carmakers”. But for the Italian brand’s executives, “whether most current Ferrari customers think the Luce is cool is irrelevant”, said Scott Sherwood, an independent analyst of luxury carmakers. “If it tested well enough with the tech crowd to fill the order book, that’s all they are concerned with.”
|