Ferrari unveiled the Ferrari Luce electric car in May 2026 in the emblematic setting of the Vera di Calatrava in the Città dello Sport in Rome. (Ferrari Spa)
ferrari spa
In response to the intense backlash following the revelation, ferrari’s The CEO of rival luxury car maker Lamborghini, which developed the first fully electric car, the Luce, said his company made the right decision to cancel its EV plans.
Lamborghini CEO Stefan Winkelmann said on Wednesday that the company’s decision to discontinue versions of its all-electric Lanzador and SUV Urus to focus on plug-in hybrid electric vehicles was the “right path” for the company, but said “every brand, every company needs to decide for themselves.”
“The decision to go from a traditional internal combustion engine to a plug-in was a very important one for us, and it worked out well,” Winkelmann exclusively told CNBC in a virtual interview. “We don’t talk about competitors…but everyone has their own strategy.”
Winkelmann declined to comment directly on the Ferrari Luce or the response it received, but said that “innovation is paramount” to success. But he said innovation should not be done for the sake of innovation or forced on customers.
“As we look at the market, we see that the acceptance curve (for EVs) is not growing for our type of customer, so we decided to move from fully electric vehicles to plug-in hybrid vehicles,” he said.
Lamborghini, owned by German automaker Volkswagen, is one of many global automakers to pull back on EV investment due to weak demand.
Stefan Winkelmann, Lamborghini CEO
Provided by: Lamborghini
Following Luce’s announcement in Italy on Monday, Ferrari shares fell by about 8% in Milan on Tuesday and by 5.3% in New York.
Analysts said part of the stock reaction was due to “design aversion.”
“Ultimately, many fans are disappointed in Ferrari’s embrace of the EV concept because they believe it dilutes a supercar brand that has been modeled on classic design and raw internal combustion engine power,” Michael Field, chief equity strategist at Morningstar, told CNBC earlier this week.
Yuan designed Luce apple Created by design chief Jony Ive, it departs from typical Ferrari aesthetics, with a minimalist interior design complete with screens and a cheerful exterior.
Apart from investor concerns, the vehicle faced notable criticism from former Ferrari executive Luca di Montezemolo and Italy’s Deputy Prime Minister and Transport Minister Matteo Salvini.
“I want the prancing horse logo removed from that car,” Di Montezemolo said on the sidelines of a business meeting in Rome, according to Reuters.
Ferrari declined to comment on Di Montezemolo’s comments.
—CNBC’s Sam Meredith and Robert Frank contributed to this report.
