Lamborghini CEO Stephan Winkelmann told CNBC the automaker's decision to kill its all-electric vehicle plans to focus on plug-in hybrid electric vehicles was "the right way to go" for his company. His comments come after Ferrari this week faced harsh criticism and investor backlash against its first all-electric vehicle, the Luce.
An avalanche of online memes make fun of the Luce's design, and the company sheds $5 billion in market value.
The launch of Ferrari's EV comes as other luxury automakers roll back plans to introduce their own EVs. But public reception is polarized.
Everyone seems to be mad about Ferrari's first electric vehicle.
Ferrari shares fell nearly 8% on Tuesday as investors and critics reacted coolly to the Italian luxury sports car maker's new Luce electric car, questioning whether it remained true to the brand's identity.
Ferrari just unveiled its first electric sports car. Investors aren't cheering the move.
Ferrari unveiled its first fully electric car called the Luce. It is a five-seat model priced at €550,000 ($640,000) that marks a sharp break from the sports-car maker's fuel-burning heritage.
Ferrari Luce: The Stock Falls 7% But The Horizon Is Now Clear
On May 26, the legendary Italian car company Ferrari (BIT: RACE, NYSE: RACE) demonstrated that the electric vehicle (EV) slowdown remains a major concern in 2026 as it opened severely in the red upon unveiling its latest automobile.
Ferrari Goes Electric, Fully Electric
Ferrari stock fell sharply on Tuesday after the company unveiled the Luce, its first fully electric car, turning a milestone product launch into a test of investor confidence. The Milan-listed stock lost about 7%, putting it on course for its biggest daily drop since October, as markets questioned whether even Ferrari can make the jump from roaring engines to battery-powered luxury.
Ferrari unveils its first fully electric car - but the 'Ferrari Luce' fails to impress investors, as the stock declines in early trade.