Ferrari Shares Slide After Lukewarm Reaction To First EV ‘Luce’
Ferrari NV suffered a sharp market setback after investors and automotive enthusiasts reacted negatively to the company’s first fully electric vehicle, the €550,000 Ferrari Luce.
The luxury automaker’s shares plunged more than 8% in Milan trading and fell over 5% in New York on May 26, reflecting growing uncertainty surrounding Ferrari’s transition into the electric vehicle market.
The Luce, a four-door, five-seat electric grand tourer developed with creative input from former Apple design chief Jony Ive’s LoveFrom, represents Ferrari’s most dramatic transformation in decades. While the company views the launch as a strategic step into the future of luxury mobility, many loyal fans and investors appear unconvinced.
Critics argue the EV strays too far from Ferrari’s legendary identity, which has long been built around roaring combustion engines, aggressive styling, and high-performance racing heritage.
According to Reuters, the negative market reaction was fueled by concerns that Ferrari may dilute its brand image by aggressively expanding into electric mobility. Investors also questioned whether there is enough demand for ultra-luxury electric vehicles at such a premium price point.
Fabio Caldato, portfolio manager at AcomeA SGR, said the market response reflected “significant concerns” over Ferrari’s EV strategy and warned the Luce may only attract a limited niche audience.
Public criticism quickly spread across social media platforms, with many users attacking the vehicle’s styling and overall concept. Italy’s Deputy Prime Minister Matteo Salvini openly questioned the design direction, while former Ferrari chairman Luca Cordero di Montezemolo reportedly described the model as a “betrayal” of Ferrari’s historic DNA.
The Luce named after the Italian word for “light” is expected to begin deliveries in the fourth quarter of this year. Ferrari hopes the model will attract new luxury buyers, particularly in China’s growing premium EV segment and technology-driven wealth markets like Silicon Valley.
Despite the backlash, Ferrari remains committed to electrification as the global automotive industry rapidly shifts toward sustainable mobility. However, analysts believe the luxury EV segment still carries major risks, especially as wealthy buyers continue showing stronger emotional attachment to traditional performance engines.
Adding to the uncertainty, Ferrari has already delayed plans for its second electric model until at least 2028, signaling that the company may proceed more cautiously than originally expected.
For now, the Luce has become one of Ferrari’s most controversial launches in recent history and investors are clearly watching closely to see whether the iconic Italian brand can successfully reinvent itself without losing the essence that made it legendary.
