Ferrari stock slides as Luce EV launch sparks investor and fan backlash
Shares in Ferrari fell more than 4 per cent on US exchanges and over 7 per cent in Italy following the reveal of the polarising Luce, as former executives warn of damage to the brand’s legacy.
Ferrari has unveiled the Luce, its first all-electric four-door sedan and second four-door model overall, marking a significant but controversial entry into the electric vehicle market. Designed in collaboration with Jony Ive and Mark Newson’s LoveFrom studio, the vehicle was revealed at the Vela di Calatrava, an architectural sporting complex on the outskirts of Rome. The launch has immediately triggered a negative market response, with Ferrari’s stock price dropping by over 4 per cent on US exchanges and more than 7 per cent in Italy.
The design direction has drawn sharp criticism from enthusiasts and former executives who argue the vehicle lacks the aggressive aesthetic traditionally associated with the brand. Luca Cordero di Montezemolo, former Ferrari president, expressed regret following the reveal, stating there is a risk of destroying a legend. He added that he hopes the prancing horse logo is removed from the car, reflecting broader dissatisfaction among the fanbase regarding the departure from Ferrari’s historical design language.
The Luce represents Ferrari’s first five-seat model and follows months of teasers regarding its chassis and powertrain, previously referred to as the Elettrica. While interior images were released earlier in the year, the full exterior reveal occurred only recently. LoveFrom was tasked with defining the design direction of the project from the outset, leveraging Ive’s background as Apple’s former chief designer, where he oversaw iconic products such as the iMac, iPhone, iPad, and Apple Watch.
Market reaction underscores the tension between Ferrari’s electrification strategy and its heritage. The automaker has been notably late to the electric vehicle sector compared to other manufacturers, many of whom have since scaled back their EV ambitions or cancelled battery-powered models. The negative sentiment was evident in social media commentary, with some critics comparing the design to a hybrid of a Polestar and a Prius, highlighting the disconnect between the vehicle’s appearance and consumer expectations for a Ferrari.
Despite the controversy, the Luce remains a high-profile launch, drawing attention to Ferrari’s attempt to redefine its identity in an evolving automotive landscape. The stock decline reflects investor caution as the company navigates this transition. While speculation about potential cross-promotion with the Vatican has circulated due to historical connections, no official partnership was confirmed. The immediate focus for the market remains on whether the Luce can balance innovation with the brand’s storied legacy.
