The first Ferrari electric car sparked a storm of criticism in investment circles and on social media platforms, after many considered that the Italian company was risking losing its historical identity in order to enter the world of luxury electric cars, in a move described within the sector as “the most controversial” in years.
According to a report by journalist Kana Inagaki in the Financial Times, the launch of the “Luce” electric car sparked a wide division within the luxury car industry, amid growing doubts about the willingness of the wealthy to abandon traditional fuel engines in favor of electric cars.
On social media, commentators described the new car as “an insult to the Ferrari brand” and “terribly disappointing,” while the company’s CEO, Benedetto Vegna, confirmed before the launch that he was “not afraid” of the reactions toward the unconventional model.
The report indicates that developing an electric sports car represents a major challenge for luxury car companies, due to the absence of the traditional engine sound, which constitutes an essential part of the “emotional experience” for fans of these cars, in addition to the large weight of the batteries.
At a time when some companies are continuing their electric bets, others have begun to back away from their previous ambitions.
Jaguar, in turn, sparked widespread controversy after relaunching its entire brand as a luxury electric brand, while Rolls-Royce is developing an exclusive electric car for a limited number of wealthy people.
On the other hand, Porsche retreated from its electric push after major losses, and redirected its investments towards hybrid and gasoline cars, while Lamborghini canceled its plans to launch the first fully electric car by 2030, preferring to develop a plug-in hybrid car.
Lamborghini CEO Stephan Winkelmann said that customers are “buying a dream, not a means of transportation,” referring to the emotional dimension associated with luxury sports cars.
Other companies, such as Lotus, Aston Martin, and McLaren, have also eased their push towards electric cars, while Bentley has decided to continue selling hybrid cars even after 2035.
According to the report, Ferrari tried to present its new car in a different way, as it was designed by former Apple designer Jony Ive, with a focus on reducing the weight of the battery, while sounds inspired by the electric guitar were added to compensate for the absence of the traditional engine sound.
Although management defended the project as a “step towards innovation,” Ferrari shares fell by 8.5% on the Milan Stock Exchange immediately after the launch.
Even some former company officials did not hide their criticism, as former Ferrari president Luca di Montezemolo said: “We risk destroying a legend, and I am truly sad about that.” He added sarcastically: “At least the Chinese won’t copy it.”
The base price of the “Luce” is about 550,000 euros in Italy, which makes it the most expensive among Ferrari’s non-supercars, while estimates indicate that the company mainly targets wealthy technology men in Silicon Valley more than the traditional “Ferrari” audience.
The company also revealed that it will not give priority to its historical customers when selling, but rather will deal equally with new and old buyers, in a move that reflects its desire to attract a different segment of customers.
Despite the media storm, Ferrari’s management confirms that the car will not affect its high profit margin, explaining that it aims to sell limited quantities only, while the company reduced its previous goal so that electric cars constitute 20% of its production by 2030 instead of the larger percentage that was previously proposed.
It seems that Ferrari’s real battle is no longer only in speed racing, but in its ability to convince its fans that the electric future does not necessarily mean abandoning the spirit of the Italian legend.
