Ferrari presents Pope with its first ever electric car, stock plunges 8%

Ferrari on Tuesday presented its first-ever fully electric car to Italy’s President and Pope Leo XIV. Yet it’s still waiting for the ultimate approval from someone less high-profile: the consumer. The Italian automaker unveiled the all-new Luce EV on Monday — even as other luxury competitors dial back ambitious electrification plans amid waning demand in some markets around the world. The rollout has been met with skepticism by the markets and auto critics. John Elkann, president of the iconic brand, showed off the new model to Leo at the pope’s summer residence in Castel Gandolfo, just south of Rome. “Is this the first four-door Ferrari?” Leo asked Elkann. “The first five-seater,” Elkann replied. The Pope sat in the driver’s seat of the Luce, which means “light” in Italian, with Ferrari test driver Raffaele De Simone kneeling beside him and explaining the steering wheel’s controls in English. Elkann sat in the passenger seat. The Luce offers 1,000 horsepower, can hit 100 kilometers per hour (60 miles per hour) in 2.5 seconds and has a range of more than 530 kilometers (329 miles). It also has four electric motors — one for each wheel. Media reports put the Luce’s sticker price in Italy at a whopping 500,000 euros. U.S. pricing has not been announced. “We are not simply unveiling a new car, we are inaugurating a chapter that turns our vision into reality, strengthening Ferrari’s tradition of anticipating and shaping the future,” Elkann said in a statement. The company, which also sells hybrid electric vehicles, has invested billions of euros in electrification, but dropped its goal for 40% of its lineup to be fully electric by 2030 down to 20%. Luce met with skepticism by some But despite Europe’s most valuable automaker’s high hopes for its inaugural electric product, markets did not respond well to the vehicle. Ferrari stock plunged 8.4% on Tuesday in Milan trading. U.S.-listed shares fell 5.3%. Internet commenters and auto critics responde