Following the unveiling of Ferrari's first all-electric vehicle, the Luce, which faced significant criticism and a drop in stock price, Lamborghini CEO Stephan Winkelmann stated that canceling his company's electric vehicle plans was the right decision.
He emphasized that Lamborghini's pivot to plug-in hybrids was based on market observations indicating low acceptance of full electric vehicles among their customer base. Winkelmann noted that while innovation is crucial, it should not be forced upon consumers.
The backlash against the Luce, designed by former Apple design chief Jony Ive, included negative reactions from industry figures and investors, with Ferrari's shares falling approximately 8% in Milan and 5.3% in New York. Analysts attributed part of this decline to dissatisfaction with the design, which diverges from Ferrari's traditional aesthetic.
The situation underscores the challenges luxury automakers face in transitioning to electric vehicles amidst varying consumer preferences