Ferrari shares plunge as Luce EV launch triggers market sell-off and public backlash
The Italian luxury carmaker’s debut electric model, priced at $640,000, has drawn sharp criticism from traditionalists while industry experts draw parallels to Apple’s cancelled Project Titan.
Ferrari’s share price fell 8 per cent in morning trading on the Milan stock exchange and dropped 5.1 per cent on New York-listed shares following the reveal of the Luce, the company’s first electric vehicle. The $640,000 car, designed by LoveFrom, the agency founded by former Apple design chief Jony Ive, triggered an immediate negative reaction from investors and fans alike. The market response wiped billions off the carmaker’s value as the launch unfolded in a hillside town southeast of Rome.
The event featured Pope Leo XIV, who sat in the driver’s seat while test driver Raffaele De Simone explained the vehicle’s controls. The pontiff listened as executives detailed the car’s specifications, including a 1,000-horsepower output and a 0 to 62 mph acceleration time of 2.5 seconds. Despite the high-profile endorsement, the reveal was met with disbelief and criticism, with social media users mocking the design as resembling a Fisher-Price toy or an upturned Apple mouse.
Luca di Montezemolo, Ferrari’s former chairman until 2014, publicly criticised the design, warning that it risks destroying the brand's legacy. Speaking on camera, he stated, “We risk the destruction of a legend,” and urged that the prancing horse emblem be removed from the vehicle. The backlash echoed similar reactions to other luxury collaborations, with fans using artificial intelligence to generate alternative designs they preferred over the official release.
Despite the hostility, some industry experts have defended the aesthetic direction. Dale Harrow, chair of the Intelligent Mobility Design Center at London’s Royal College of Art, compared the Luce to early projects by LoveFrom co-founder Marc Newson, such as the Ford 021C. Harrow noted that while the battery size creates challenging proportions, the design shows clarity and confidence, potentially appealing to a different segment of high-wealth customers.
The Luce has drawn comparisons to Apple’s cancelled Project Titan, which was scrapped in 2024 after a decade of development and more than $10 billion in investment. With Ive leaving Apple in 2019 to form LoveFrom, the Luce’s rounded corners and sculpted glass-house exterior bear the hallmarks of Apple’s design philosophy. Ferrari has since delayed the launch of its second electric vehicle to 2028, reflecting the nervousness among automotive executives regarding the luxury EV market.
