Ferrari CEO Defends New Electric Car Amid Criticism

Ferrari CEO Benedetto Vigna has addressed the criticism surrounding the company's first electric vehicle, the Ferrari Luce, which has a price tag of 550,000 euros (approximately $638,660). According to Jin10, despite the negative feedback on its design, the new car has started receiving orders from both new and existing customers. This week, the luxury car manufacturer fully unveiled the Luce, a four-door, five-seat electric vehicle designed by former Apple Chief Product Designer Jony Ive. The design marks a departure from Ferrari's traditional image, leading to comparisons with other electric vehicles on the market, mostly unfavorable. As a result, Ferrari's stock price has declined. Vigna emphasized that the success of the Luce will ultimately depend on Ferrari's customer base, who are accustomed to the company's strategy of limited production, which keeps supply below market demand. "Look at the customers writing to us and those placing orders," Vigna stated, noting that both long-time and new customers are showing interest. He also defended the high expected price of the Luce, stating, "Innovation comes at a cost."