Ferrari shares fall after launch of first EV as Jony Ive design proves divisive

Ferrari's share price dropped up to 8% following the launch of its first electric vehicle, the Luce, designed by former Apple chief Jony Ive, as investors questioned whether the minimalist sedan's design aligns with the luxury sportscar brand's heritage. The $640,000 five-seat vehicle marks a significant departure from Ferrari's traditional sportscars, with some analysts comparing it unfavorably to mass-market electric vehicles like the Honda Accord EV and Tesla Model 3. The launch reflects Ferrari's scaled-back electrification strategy, now targeting only 20% fully-electric models by 2030, down from the 40% previously planned.