Ferrari NV has unveiled its first all-electric car, but it has failed to impress investors. The company's shares fell in early trading on Tuesday.

The five-seater Luce has a futuristic design that is unusual for a Ferrari, designed by Jony Ive, the former Chief Design Officer at Apple Inc. The car has a top speed of 310 km/h, and thanks to its electric engine, it accelerates from 0 to 100 km/h in just 2.5 seconds, faster than the 12-cylinder Purosangue model. The car will cost 550,000 euros, making the Luce one of Ferrari's most expensive models.

Luce resembles a hybrid of the electric Honda Accord EV and the Tesla Model 3, noted Pierre-Olivier Essig, an analyst at AIR Capital.

Ferrari's strategy provides that by 2030, 20% of its models sold will be fully electric. At the same time, 40% of the cars will be equipped with internal combustion engines, and the remaining 40% will be hybrids. The company sells less than 14 thousand cars a year, and such exclusivity and high prices are the main factors of its successful business model. Ferrari is the largest automaker in Europe by market capitalization.

The Wall Street Journal notes that the resale market for electric cars may become a weak point for Ferrari, since electric cars lose their value over time more than gasoline-powered ones. The aftermarket is crucial for the Italian sports car maker, which claims that around 90% of all its cars are still in working order and in use. The company has previously tried to extend the lifespan of its hybrid models by including battery replacements every eight years as part of its extended warranty. The same service will be available for the Luce model.

Ferrari shares fell 6% on Tuesday. The company’s market value has fallen 8.9% since the start of the year, to 73.3 billion euros.

Source: https://news.am/en/news/1038440