Ferrari CEO Defends $640,000 Price Tag for Its First Fully Electric Car Ferrari CEO Benedetto Vigna defended the 550,000-euro price of the company’s first fully electric vehicle, the Luce, stating it is a fair cost for innovation and has drawn interest from new super-wealthy clients. Despite a negative market reaction and criticism from former chairman Luca di Montezemolo and Italy’s transport minister, auto analysts suggest it’s too early to be overly concerned about the investor backlash. The company developed all components in-house in Maranello, with the design entrusted to LoveFrom, founded by Jony Ive.

• Ferrari CEO Benedetto Vigna defended the 550,000-euro ($640,000) price tag of the brand’s first fully electric vehicle, the Luce.
• Vigna stated the cost is a fair price for innovation and that the model has received strong customer interest.
• The Luce’s launch sparked a negative market reaction, with Ferrari’s stock falling, and drew criticism from former chairman Luca di Montezemolo and Italy’s transport minister.
• Auto analysts have downplayed the investor backlash, calling it “too early to be overly concerned.”
• The Luce is Ferrari’s first five-seater car and was developed and manufactured in-house, with design by LoveFrom.
• Former Ferrari chairman Luca di Montezemolo called the vehicle a disgrace, while Italian Deputy Prime Minister Matteo Salvini criticized its price and aesthetic.