TL;DR

Ferrari’s stock fell 8% after the Luce launch. Its former chairman called the EV a disgrace. Italy’s transport minister criticised it on X.

Ferrari CEO Benedetto Vigna used a round table in Modena on Thursday to defend the €550,000 ($640,000) price tag for the Luce, the company’s first fully electric vehicle. The car was unveiled on Monday. By Tuesday, Ferrari’s Milan-listed stock had fallen 8%.

Vigna said the price was fair for innovation and that the Luce has “ nothing to do with Chinese EVs or those by other brands. ” He stressed that media coverage might lead some to conclude Ferrari was replacing traditional engines with electric, which he said was not the case.

The defence was necessary because the backlash came from inside the house.…