Luxury sports car maker Ferrari has unveiled its first fully electric car, the Luce. This new model is priced at $640,000, which is about GHS 7.6 million based on current exchange rates. It represents a major new direction for the iconic Italian brand.
The Luce departs from Ferrari's traditional sports car look. It is the brand's first five-seater vehicle. This design change was done in partnership with LoveFrom, an agency led by former Apple design chief Sir Jony Ive. The car features a Ferrari-made electric motor on each wheel. This allows it to accelerate from 0 to 60mph in about 2.5 seconds. Ferrari stated all components are made in-house to ensure future repairability and protect the car's resale value.
Ferrari's move into electric vehicles (EVs) comes at a time of shifts for the wider automotive industry. Many carmakers face challenges with EV demand. Supercar rivals like Lamborghini and Porsche have reduced their EV plans. They cite poor demand and strong competition from Chinese manufacturers. Ferrari's chief executive Benedetto Vigna stated the Luce took five years to develop. This launch follows Ferrari's previous decision to focus on hybrid cars, combining petrol and electric power.
Ferrari's chief design officer, Flavio Manzoni, acknowledged the Luce's divisive reception. He described the concept of an electric Ferrari with a new design as "polarising". However, he believes public appreciation will grow over time. "Critics are part of the innovation process," he told YouTuber Cleo Abram. Ferrari plans to continue offering petrol and hybrid models alongside its new EV. This mixed strategy aims to cater to diverse customer preferences.
The global shift towards EVs has encountered significant hurdles. Automakers like Ford and Volkswagen have refocused on petrol cars, partly due to changing consumer demand and shifting government incentives. Recent criticism for Jaguar's electric concept car, seen as a departure from classic styling, highlights the risks in redesigning iconic brands. Ferrari's shares have seen a roughly 25% drop in the past year. This mirrors a broader decline in luxury goods demand caused by global inflation.