The automaker says its first fully electric vehicle will combine cutting-edge technology with Ferrari’s signature exclusivity and performance.
Ferrari CEO Benedetto Vigna has defended the €550,000 ($640,000) price tag of the company’s first fully electric vehicle, arguing that the model represents a new chapter for the iconic Italian automaker rather than a departure from its heritage.
The vehicle, named Luce, was unveiled earlier this week and immediately became one of the most discussed launches in the luxury automotive industry. While the debut generated significant attention, it also triggered criticism from investors, automotive enthusiasts, and even some former Ferrari executives.
Despite the backlash, Vigna remains confident that Ferrari’s first electric model justifies its premium positioning.
Why Ferrari Says The Price Is Justified
Speaking during a roundtable discussion in Modena, Italy, Vigna said the Luce should not be compared with conventional electric vehicles or mass-market EV manufacturers.
According to him, the vehicle represents a completely different category of automotive engineering and design.
“You have to see Luce to understand that it has nothing to do with Chinese EVs or those by other brands,” Vigna reportedly said.
For Ferrari, the pricing reflects more than performance specifications. It reflects the company’s approach to exclusivity, craftsmanship, technology, and brand identity.
Vigna argued that introducing a new technology requires respecting that technology through unique engineering and design choices rather than simply replacing existing engines with batteries.
A New Chapter For Ferrari
Ferrari has described the Luce as one of the most important product launches in its history.
The model represents the company’s first fully electric vehicle and its first-ever five-seater production car, expanding Ferrari into a segment it has never previously occupied.
Despite concerns from some traditional enthusiasts, Ferrari insists that the introduction of an EV does not signal the end of its combustion-engine heritage.
Instead, the company plans to continue offering a mix of internal combustion, hybrid, and fully electric vehicles.
For Ferrari, electrification is being presented as an addition to its lineup rather than a replacement.
Performance Remains Central To The Brand
Even without a traditional Ferrari engine, the company has emphasized that performance remains at the heart of the Luce.
According to Ferrari, the vehicle can:
- Accelerate from 0 to 60 mph in approximately 2.5 seconds
- Reach a top speed of around 192 mph
- Deliver performance levels consistent with Ferrari’s supercar reputation
The company also highlighted that all major components were developed and manufactured in-house at its Maranello headquarters.
Ferrari additionally partnered with LoveFrom, the design firm founded by former Apple design chief Jony Ive, for the vehicle’s design.
Investors And Critics Push Back
The launch was not universally welcomed.
Ferrari shares fell sharply following the unveiling, with the company’s Milan-listed stock dropping 8 percent at one stage as investors questioned market demand and long-term strategy.
Although analysts have largely described the reaction as premature, the market response reflected uncertainty around how Ferrari’s traditional customer base will embrace a fully electric model.
Criticism also emerged from high-profile figures closely associated with the brand.
Former Ferrari chairman Luca di Montezemolo, who led the company through some of its most successful years, publicly criticized the vehicle.
Speaking to Italian media, he reportedly described the car as a “disgrace” to Ferrari’s legacy and suggested it should not carry the famous prancing horse logo.
His comments attracted widespread attention across the automotive industry.
Political Criticism Adds To The Debate
The criticism extended beyond the automotive sector.
Italy’s Deputy Prime Minister and Transport Minister Matteo Salvini also questioned the vehicle’s design and pricing on social media.
Referring to the Luce as “outrageously expensive,” Salvini suggested that the model looked unlike a traditional Ferrari and questioned whether it truly represented innovation.
The comments reflect a broader debate currently taking place across the luxury automotive industry.
Many traditional enthusiasts remain deeply attached to the sound, emotion, and mechanical character of high-performance combustion engines. For them, electrification represents a significant cultural shift rather than simply a technological one.
Ferrari Is Betting On Exclusivity, Not Volume
While much of the discussion has focused on the vehicle itself, Ferrari appears to be making a larger strategic statement.
Unlike mainstream automakers competing for EV market share, Ferrari is targeting a very specific audience: ultra-high-net-worth buyers willing to pay a premium for exclusivity, innovation, and brand prestige.
Vigna said customer interest has already been strong, including inquiries from affluent buyers who have never previously owned a Ferrari.
That may ultimately become the true test of the Luce.
The question is not whether Ferrari can build an electric vehicle. It is whether the company can convince traditional Ferrari enthusiasts and a new generation of wealthy buyers that an electric Ferrari can still feel like a Ferrari.
With a €550,000 price tag and global attention fixed on its success, the Luce may become one of the most important products in the company’s modern history.
Source: CNBC
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Benedetto Vigna, CEO of Ferrari, in the Paddock before the F1 Grand Prix of Italy at Autodromo Nazionale Monza on September 07, 2025, in Monza, Italy.
Mark Sutton – Formula 1 | Formula 1 | Getty Images
