Ferrari’s EV push is testing what makes a Ferrari a Ferrari
Investors and pundits are hating on the electric Luce that Ferrari just unveiled.
Ferrari says its new electric car is “100% Ferrari.” Plenty of others, including investors, seem to disagree.
On Tuesday in Rome, the Italian company responsible for making some of the coolest-looking cars on the planet unveiled its highly anticipated first electric vehicle, the Ferrari Luce, which looks different than pretty much every Ferrari to come before it. Shareholders panned the debut, sending the stock down 5.3% in the US and 8.4% in Milan.
Some pundits’ opinions weren’t much more optimistic.
“I cannot say what I really think: I would harm Ferrari. We risk the destruction of a legend. So sorry,” former Ferrari Chairman and President Luca Cordero di Montezemolo, who stepped down in 2014, told Italian news agency Askanews, as translated from Italian by The New York Post. “Take the Prancing Horse off.”
Italian Transport Minister Matteo Salvini wrote in a post translated on X: “It looks like anything but a car from the Prancing Horse. And this is supposed to be ‘innovation’? Who knows what Enzo Ferrari would say.”
The concern is less about demand specifically for the Luce and more about the brand. The new four-door, five-seat EV is expected to start around €550,000 (roughly $640,000), and was designed in collaboration with former Apple design chief Jony Ive and his creative collective, LoveFrom.
It certainly has a similar design vibe to an Apple product, lacking the sharp, aggressive lines of other models. For example, check out the more classic Ferrari look of the new 849 Testarossa, which is even a plug-in hybrid!
In case you’re wondering, the Luce is still fast: four independent electric engines can generate 1,036 horsepower, enabling the car to rocket from 0 to 60 miles per hour in about 2.4 seconds.
“We are convinced that a company demonstrates its leadership when it has the courage to dare and to take on the challenge of new technologies,” Benedetto Vigna, CEO of Ferrari, said in a press release.
Now, investors are weighing whether Ferrari can expand into electric vehicles without making the brand feel broader, heavier, or less cool. Meanwhile, luxury EV demand has been uneven across the industry, with several high-end automakers slowing or reworking their electric plans.
Ferrari stock was basically flat on Wednesday. Shares have dropped about 11% year to date and more than 30% in the past year.
