Ferrari’s Luce Launch Sparks Market Reaction
Ferrari (NYSE: RACE) unveiled its first full electric vehicle, the Luce, in May 2023. Following the announcement, the company’s stock dropped by 6%. However, it rebounded by over 10% shortly thereafter, while the S&P 500 remained slightly lower. According to Ferrari’s CEO Benedetto Vigna, the order book for the Luce, which starts deliveries in October 2023, is already extended to late 2027, indicating strong demand from both existing and new customers.
In the Chinese market, the entire allocation of Luce vehicles, priced at approximately $586,000 each, was reportedly sold out immediately, highlighting the appeal of the model despite mixed online reactions. With approximately half of its annual sales coming from hybrids, Ferrari’s strategic transition to electric vehicle production marks a significant shift in its long-standing heritage of high-performance gasoline cars.
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