Ferrari NV CEO Benedetto Vigna stated on Thursday that the price of the manufacturer's new Luce model represents a fair cost for innovation. According to reports, Vigna remarked, "You have to see the Luce in person to understand that it is completely different from Chinese electric vehicles or those from other brands." These comments were made shortly after the Maranello-based sports car manufacturer unveiled the fully electric Luce model in Rome.
The Ferrari CEO sought to justify the 550,000 euro (approximately $640,000) price tag for the luxury automaker's first all-electric vehicle. The Luce model was launched on Monday but has faced negative market reactions, with Ferrari's Milan-listed shares dropping 8% on Tuesday.
At a roundtable event in Modena, Italy, Vigna explained that media coverage might lead some to believe the sports car maker is replacing traditional engines with fully electric versions, but he emphasized this is not the case. He noted, "You have to see the Luce in person to understand that it is completely different from Chinese electric vehicles or those from other brands."
Investor response to the Luce launch has been accompanied by intense discussions on social media. The vehicle's unconventional exterior design has drawn criticism from the company's former leadership and Italy's transport minister. However, automotive analysts have downplayed investor concerns, stating it is "too early to be overly worried."
Ferrari's stock closed down 0.1% on Wednesday, extending losses from Tuesday, but rose 1.7% in the latest trading session on Thursday. Earlier this week, Vigna described the Luce launch as a "very, very important day" for the company, marking the beginning of a "new chapter" in its history.
When asked whether the company can cater to both new ultra-affluent clients and its traditional customer base simultaneously, Vigna told CNBC's Charlotte Reed, "Look, when you develop a new technology, you must always keep one word in mind, and that is 'respect.'" He added, "Respect the technology because when you have new technology, you need to ensure it is properly reflected in the design, so the design must be different."