The $640,000 luxury electric sports car is designed by former Apple design chief Jony Ive|ferrari|Instagram
Ferrari NV’s shares sank nearly 8% on Tuesday following the unveiling of Luce, its first all-electric vehicle, which faced harsh criticism online for its design.
Former Apple design chief Jony Ive designs the $640,000 luxury electric sports car. The four-door, five-seater drew the ire of many for looking like a mass-market EV.
The criticism has worried investors. Ferrari’s stock is down 31% over the past year amid a global slowdown in the luxury market.
But analysts remain optimistic that the Luce’s design differences won’t hurt sales. Since it is Ferrari’s first five-seater vehicle, it will likely target entirely new clients, such as families.
The Ferrari EV delivers high-end performance, offering over 1,000 horsepower, a top speed above 310 kph, and a 0-62 mph acceleration time of 2.5 seconds. The launch aligns with the Italian automaker’s plans to have 20% of its lineup be electric vehicles by 2030.
The company maintains exclusivity by keeping annual production under 14,000 cars.