Italian automaker Ferrari N.V. (NYSE:RACE) shares trended downward in pre-market trading on Tuesday following the reveal of the company’s first-ever EV, the Ferrari Luce.
Ferrari Luce
Ferrari shares slid 2.88% to $338.20 at the time of writing this article as the company revealed the Luce, a four-door EV designed by former Apple Inc. (NASDAQ:AAPL) design head Jony Ive and his collective LoveFrom. The EV will reportedly retail at $640,000.
The Luce is powered by four electric motors and produces over 1,000 HP with a 122 kWh battery, with a range of over 330 miles on a single charge.
There’s also a 10-inch iPad-like infotainment screen, as well as a 12.5-inch instrument cluster with a physical needle in the digital speedometer. Ive had earlier shared that he did not believe large touchscreens work in cars, being in favor of tactile controls.
Luce Rivals
The Luce would be entering into the segment of high-performance EVs, which is still in the early stages, but has shown progress.
The Luce would be facing off against rivals like the BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) Yangwang U9 hypercar, which produces almost 1,300 hp via its four electric motors.
The elusive Tesla Inc. (NASDAQ:TSLA) Roadster, which Elon Musk says would be tailor-made to deliver performance, could also serve as a rival once it’s released, which still remains unknown.
The Roadster would also reportedly feature a new active aero system with fans that could potentially be used to direct airflow in a way that can make the car hover, according to a patent filed by the EV giant.
According to Benzinga Edge Rankings, RACE provides excellent Growth and Quality, but fails to offer a favorable price trend in the Short, Medium and Long term.
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