Ferrari unveils its first EV to resounding criticism

Despite designing its debut electric vehicle to be especially aerodynamic, Ferrari is still facing plenty of drag on its new car. The luxury carmaker’s stock shed 5% yesterday after the company launched the Luce, its highly anticipated EV that dares to ask, “What if we put the Ferrari logo on a Nissan Leaf?”That’s one of many negative comparisons circling the Luce, which costs ~$640,000 and was co-designed (inside and outside) by former Apple design chief Jony Ive. If you parked it next to any other Ferrari, the pair might resemble that movie where Arnold Schwarzenegger and Danny DeVito play twins:The Luce’s focal point is a shell-like windscreen that appears to extend to the car’s nose, reducing air resistance.It’s also Ferrari’s first five-seater: The car is branded as “the most comfortable Ferrari ever,” marking a family-friendly departure.The Luce mimics Ferrari’s signature engine rev by amplifying the electric motor’s vibrations. Ferrari says it gets 329 miles per full charge—more than many affordable EVs.“We risk destroying a legend,” former Ferrari boss Luca Cordero di Montezemolo, who chaired the company from 1991 to 2014, said yesterday.Reviews of the design range from “unlike that of any other Ferrari,” via Car and Driver, to a “soulless robotaxi,” per autoevolution, to downright ugly, via countless social media users. Some Ferrari fans may think the carmaker’s EV dilutes its “supercar brand,” a Morningstar analyst told CNBC.The Luce’s interior, which had already been partially revealed, was better received.This might be Ferrari’s biggest swing everAnd it comes at a time when weakening EV demand has led Lamborghini, Porsche, Mercedes-Benz, and Bentley to delay their own electric plans.Ferrari’s bet: The Luce could impress wealthy families, technologically enthused younger generations, and drivers in China, where EVs are still popular (and petrol cars are heavily taxed).Though initial reactions suggest a whiff, analysts are waiting to see how long (or short) the Luce’s waitlist will be. Orders open this week.—ML