Italian luxury automaker Ferrari saw its stock price tumble on Tuesday after unveiling the Luce, the company’s first fully electric vehicle, marking a significant shift in the brand’s traditional approach. Former Ferrari Chairman Luca Cordero di Montezemolo slammed the EV, telling reporters, “I hope they at least remove the Prancing Horse from that car.”
CNBC reports that Ferrari revealed its new electric model at a venue in Rome, with the name Luce translating to “light” in English. According to the company, the name was chosen to evoke “clarity and direction” as Ferrari embarks on this new chapter in its storied history.
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