Ferrari (RACE) Unveils $640K All-Electric Luce Amid Shares Drop

AI Summary

Ferrari (RACE) has introduced its first fully electric car, the Luce, priced at $640,000, expected to launch later this year. On the Milan stock market, Ferrari's shares fell over 8%, while in New York, they dropped more than 5%. The electric Luce, developed over five years, is powered by an electric motor on each wheel, allowing it to reach 60mph in approximately 2.5 seconds. Market competition in the luxury EV segment has intensified, with rivals like Lamborghini and Porsche scaling back their electric plans due to low demand and competition from Chinese brands.