[NEWS] Pig-ugly Jony Ive designed Ferrari announced

Lamborghini Loving Decision To Kill Lanzador EV Following Ferrari Luce Flop ------------------------------------------------ If you're the type of person who reads a website like Jalopnik, then you're very aware that the Ferrari Luce has received a less-than-warm reception from the general public. Do you know who else is aware of this fact? Lamborghini boss Stephan Winkelmann, and it's made him quite happy about his company's decision to kill the all-electric Lanzador and refocus on plug-in hybrids.

In an interview, the CEO called Lambo's decision to end its EV program "the right way to go" for the automaker, but he did add that "every brand, every company has to decide for themselves." Lamborghini was one of the countless automakers around the world that decided to pull back on its EV strategy because of weak demand. From CNBC:

"Our decision to go from [traditional internal combustion engine] to plug-in was a very important one for us, and it worked out," Winkelmann exclusively told CNBC during a virtual interview. "We don't speak about our competitors ... but everybody has their own strategy."

"By observing the market ... we saw that the acceptance curve [of EVs] for our type of customers is not increasing, and that therefore we decided to move away from a full-electric car into a plug-in hybrid," he said.

Shares of Ferrari fell about 8% on Tuesday in Milan and dropped 5.3% in New York after the unveiling of the Luce on Monday in Italy.

Analysts said the stock reaction was partially due to "design hate."

"Ultimately many fans are disappointed that Ferrari is embracing the EV concept, believing it dilutes the supercar brand, which has modelled itself around classic design and raw, combustion-engine power," Michael Field, chief equity strategist at Morningstar, told CNBC earlier this week.

If you were hoping for a direct take from Winkelmann on the Luce, keep dreaming. The 61-year-old declined to comment, instead saying that "innovation is paramount" to success, but it shouldn't be made just for innovation's sake or forced upon customers."

While I totally understand where Winkelmann is coming from, I can't help but think the response to a production Lanzador would have been much warmer than what the Luce received. I mean, just look at the concept car. It was sick as hell, and the Luce is, well, the Luce.

It has very little to do with the Luce being electric, but the fact that it is ugly and not even remotely a sportscar. Companies should stick to what they do best and not branch out into other weird side-ventures.

Someone in upper management will (should!) get fired ... more likely they'll get a massive "bonus", or if they do get fired, they'll still receive a massive golden handshake.

Some places are reporting an even bigger plunge in the share price.

Ferrari's EV reveal slashes NZ$9 billion* off its value overnight [* about US$5.35 billion] ----------------------------------------------------------------- The reveal of Ferrari's first EV saw its value plummet overnight, with share prices dropping by 8 percent.

Share prices had risen in anticipation the week prior, meaning the company is back at roughly the same value.

The Luce is Ferrari's first all-electric vehicle, and features styling by former Apple design chief Jony Ive.

Ferrari's share price took a sharp drop following the reveal of its first all-electric model, the Luce, yesterday, wiping more than NZ$9 billion off the carmakers value.

Shares in the company fell around 8 percent on the Milan stock exchange, while U.S-listed shares fell just over 5 percent in the face of criticism of the radical EV's departure from Ferrari norms.

Ferrari's first EV, the Luce, has proven to be somewhat controversial, causing the company's value to drastically fluctuate.

The two main pain points are the unconventional design of the Luce, as well as the belief that Ferrari producing an electric saloon dilutes the brand that has long modelled itself around high-power combustion engines and traditional sports car design.

However, while the drop is attributed to the reveal of the Luce, the company's share price had risen significantly in the week ahead of the launch in anticipation of its first electric vehicle, climbing from €283 to a high of €309 in the previous five days.

While undeniably a Ferrari in terms of performance, the Luce's unconventional design has been universally panned by fans of the brand.

They then dropped back down to €284 the morning after the Luce was revealed, leaving the company technically in a better position that it was before the week before the reveal, but not by much.

The more worrying trend for Ferrari is the fact that it took a far bigger drop of 15 percent in October last year when it revealed more conservative 2030 growth expectations than the market was anticipating, while it is current down by more than 30 percent over the course of the last 12 months.

The company has hoped the Luce would see a quick turnaround in its fortunes, but the overwhelmingly negative response to the car has dashed those dreams, in the short term at least. It's not all bad news, however, as most analysts are still rating Ferrari as a good investment due to the fact it is currently trading near historical lows, yet has a large backlog of orders over the next few years.

The Luce represents a massive departure from traditional Ferrari's, with the company opting to develop all the underlying technology in-house, while outsourcing design to the LoveFrom design collective led by former Apple chief designer Jony Ive.

The resulting car attracted a stream of criticism, not least from former Ferrari CEO Luca di Montezemolo who, when asked about the Luce said "If I said what I really think, I'd harm Ferrari. We're risking the destruction of a myth, I'm very sorry about that. I hope they at least remove the Prancing Horse from that car".

While the Luce's design has been controversial, its performance specs are anything but, with the EV packing more than 720kW and 990Nm from four electric motors, with a 0 to 100 time of just 2.5 seconds.