Ferrari defends $640,000 price tag for first fully electric supercar amid backlash

Ferrari Chief Executive Officer Benedetto Vigna has defended the luxury carmaker’s decision to price its first fully electric vehicle, the Luce, at about 550,000 euros ($640,000), insisting the model represents innovation and exclusivity rather than a departure from Ferrari’s heritage.

Speaking during a roundtable session in Modena, Italy, on Thursday, Vigna said the price reflected the advanced engineering and technology behind the company’s first fully electric supercar.

According to him, the Luce should not be compared with conventional electric vehicles produced by mass-market manufacturers.

“You have to see Luce to understand that it has nothing to do with Chinese EVs or those by other brands,” he said.

The Ferrari boss also dismissed concerns that the launch signaled the end of the company’s traditional combustion-engine identity, stressing that the automaker would continue to maintain a range of engine technologies.

The unveiling of the Luce earlier this week triggered mixed reactions from investors and automobile enthusiasts, with Ferrari’s shares on the Milan Stock Exchange dropping by about eight per cent shortly after the launch.

Although the stock later recovered slightly, the electric vehicle generated widespread debate online, with critics questioning both its styling and price.

Despite the backlash, analysts said it was too early to conclude that the model would negatively affect Ferrari’s long-term performance, noting that the company’s ultra-luxury customer base often values exclusivity over mass appeal.

Vigna described the launch as a historic moment for Ferrari, saying the Luce marks the beginning of a “new chapter” for the iconic Italian brand.

He explained that introducing a new technology required a distinct design philosophy that respected both innovation and Ferrari’s legacy.

The Luce, Ferrari’s first fully electric five-seater vehicle, reportedly accelerates from 0 to 60 miles per hour in about 2.5 seconds and can reach a top speed of approximately 192 mph.

Ferrari said all major components of the vehicle were developed and produced internally at its Maranello facility, while the design was handled by LoveFrom, the design company founded by former Apple design chief Jony Ive.

The electric supercar, however, has attracted criticism from some high-profile figures associated with the Italian automotive industry.

Former Ferrari chairman Luca di Montezemolo reportedly described the vehicle as a “disgrace” to the company’s heritage during a business conference in Rome.

“I hope that they take off the prancing horse logo from that car,” he reportedly said.

Italy’s Deputy Prime Minister and Transport Minister Matteo Salvini also criticized the vehicle, questioning both its design and price.

Ferrari has not officially responded to the criticisms, but company executives insist the Luce is aimed at expanding the brand’s appeal while maintaining the exclusivity associated with the Ferrari name.