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Ferrari Chief Defends €550,000 Price for First All-Electric Luce

Ferrari CEO Benedetto Vigna defended the €550,000 ($640,000) price tag for the Luce, the automaker's debut fully electric vehicle, saying it represents fair value for innovation. Vigna said Thursday the model has drawn strong customer interest, including from new super-wealthy clients. The Luce was unveiled Monday in Rome and initially sparked investor concern, with Ferrari's Milan-listed stock falling 8% on Tuesday. Vigna emphasized the vehicle differs fundamentally from competing electric models and Chinese EVs, cautioning against assumptions that Ferrari would abandon traditional engines. The car's unconventional design drew criticism from Ferrari's former boss and Italy's transport minister, sparking social media controversy. When asked whether Ferrari could simultaneously serve existing clientele and attract new customers, Vigna addressed the concern. Auto analysts have urged patience, noting the initial backlash reflects early sentiment.