- The reveal of Ferrari's first EV saw its value plummet overnight, with share prices dropping by 8 percent.
- Share prices had risen in anticipation the week prior, meaning the company is back at roughly the same value.
- The Luce is Ferrari's first all-electric vehicle, and features styling by former Apple design chief Jony Ive.
Ferrari's share price took a sharp drop following the reveal of its first all-electric model, the Luce, yesterday, wiping more than NZ$9 billion off the carmakers value.
Shares in the company fell around 8 percent on the Milan stock exchange, while U.S-listed shares fell just over 5 percent in the face of criticism of the radical EV's departure from Ferrari norms.
The two main pain points are the unconventional design of the Luce, as well as the belief that Ferrari producing an electric saloon dilutes the brand that has long modelled itself around high-power combustion engines and traditional sports car design.
However, while the drop is attributed to the reveal of the Luce, the company's share price had risen significantly in the week ahead of the launch in anticipation of its first electric vehicle, climbing from €283 to a high of €309 in the previous five days.
They then dropped back down to €284 the morning after the Luce was revealed, leaving the company technically in a better position that it was before the week before the reveal, but not by much.
The more worrying trend for Ferrari is the fact that it took a far bigger drop of 15 percent in October last year when it revealed more conservative 2030 growth expectations than the market was anticipating, while it is current down by more than 30 percent over the course of the last 12 months.
The company has hoped the Luce would see a quick turnaround in its fortunes, but the overwhelmingly negative response to the car has dashed those dreams, in the short term at least. It's not all bad news, however, as most analysts are still rating Ferrari as a good investment due to the fact it is currently trading near historical lows, yet has a large backlog of orders over the next few years.
The Luce represents a massive departure from traditional Ferrari's, with the company opting to develop all the underlying technology in-house, while outsourcing design to the LoveFrom design collective led by former Apple chief designer Jony Ive.
The resulting car attracted a stream of criticism, not least from former Ferrari CEO Luca di Montezemolo who, when asked about the Luce said "If I said what I really think, I'd harm Ferrari. We're risking the destruction of a myth, I'm very sorry about that. I hope they at least remove the Prancing Horse from that car".
While the Luce's design has been controversial, its performance specs are anything but, with the EV packing more than 720kW and 990Nm from four electric motors, with a 0 to 100 time of just 2.5 seconds.