Ferrari CEO Benedetto Vigna defended the $640,000 price tag of the luxury automaker’s first EV on Thursday, emphasizing the model’s innovation and strong customer demand. Despite the CEO’s positivity, the electric vehicle has been slammed by Ferrari fans and investors alike.
CNBC reports that Ferrari Chief Executive Benedetto Vigna defended the 550,000-euro price tag, approximately 640,000 dollars, of the luxury automaker’s first fully electric vehicle on Thursday, emphasizing the model’s innovation and strong customer demand. The comments came during a round table discussion in Modena, Italy, as the company seeks to address concerns following a sharp market reaction to the vehicle’s unveiling.
The Luce, Ferrari’s first EV model, was revealed on Monday in Rome. The launch triggered a significant negative response from investors, with the company’s Milan-listed stock dropping eight percent on Tuesday.
Speaking at the event, Vigna argued that the cost of the new Luce model represented a fair price for the innovation it delivers. He addressed concerns that media coverage might lead observers to believe Ferrari would replace traditional engines entirely with electric versions, clarifying that this was not the company’s intention.
“You have to see Luce to understand that it has nothing to do with Chinese EVs or those by other brands,” Vigna said, according to Reuters. The CEO highlighted that the vehicle has attracted strong customer interest, including from new super-wealthy clients. Earlier in the week, Vigna described the launch as a very important day for the company, symbolizing the opening of a new chapter in Ferrari’s history.
When questioned about satisfying both new customers and the company’s traditional clientele, Vigna told CNBC that introducing new technology requires respect. “Respect of the technology, because when you have a new technology, you need to make sure that that technology is properly represented in the design, so the design must be different,” he explained.
Despite Vigna’s claims, the Luce’s design has been heavily criticized by Ferrari fans who compare it to the Nissan Leaf, amongst other low price EVs.
Breitbart News previously reported that the Luce received harsh criticism from legendary former Ferrari Chairman Luca di Montezemolo:
Shares of Ferrari have fallen five percent in morning trading, with Ferrari fans rejecting the car for its looks and EV powertrain. One critic is Ferrari’s legendary former Chairman, Luca Cordero di Montezemolo. When reporters asked Montezemolo what he thought about the Luce EV, he said in Italian, “If I said what I really think, I’d harm Ferrari.” Monezemolo added that Ferrari is “risking the destruction of a myth,” before adding, “I hope they at least remove the Prancing Horse from that car.”
Ferrari declined to comment on Montezemolo’s remarks. Montezemolo joined the board of rival McLaren Group Holdings Limited last year. McLaren produces competing sports cars and has focused on hybrid engines, and also competes with Ferrari in Formula 1.
Italian Deputy Prime Minister and Transport Minister Matteo Salvini also voiced criticism of the Luce. “Electric, outrageously expensive (550 thousand euros!) and, from an aesthetic point of view, it speaks for itself… It looks like anything but a car from the Prancing Horse. And this is supposed to be ‘innovation’? Who knows what [Ferrari founder] Enzo Ferrari would say…,” he wrote on X.
Read more at CNBC here.
Lucas Nolan is a reporter for Breitbart News covering issues of AI, free speech, and online censorship.