Ferrari Unveils First Electric Vehicle Aimed at China Market

Ferrari announced its first electric vehicle, the Luce, earlier this week. The five-seat model carries a $640,000 price tag and was designed with input from former Apple designer Jony Ive. Social media users compared the Luce to the Nissan Leaf. Ferrari shares fell 6% after the unveiling.

Cordero di Montezemolo, who served as Ferrari chairman for nearly 25 years, told Italian media the vehicle risks damaging the brand. He suggested the company remove the prancing horse emblem from the car.

Vigna said in an October investor call that China represents an opportunity because buyers there are already accustomed to electric vehicles. Chief marketing officer Enrico Galliera stated the Luce is intended to attract current EV owners rather than existing Ferrari customers.

In China, electric vehicles account for more than half of new car sales. Local manufacturers have introduced luxury models priced between $76,000 and $233,000 that include advanced features such as voice controls and AI assistants. Ferrari's shipments to mainland China have fallen more than 50% since 2023 and represented just over 5% of global deliveries in the first quarter.