Ferrari's First EV, the €550,000 Luce, Sparks Market Rout and a Storm of Criticism from Former Bosses, Politicians, and the Pope
Ferrari's unveiling of the Luce, its first all-electric car, was met with an 8.4% stock crash and a wave of ridicule from a former president, politicians, and the public, who questioned its design, price, and departure from tradition.
A Frosty Market Reception
The launch of the Ferrari Luce, the marque's first fully electric vehicle, triggered an immediate financial backlash. On Tuesday, shares of the iconic Italian carmaker plunged 8.4% on the Milan bourse, wiping nearly €5 billion off its market capitalization. The stock regained a modest 1.2% in early trading on Wednesday, but the damage underscored deep investor skepticism. Analysts pointed to the car's controversial design and its staggering €550,000 list price—€90,000 more than the current top-of-the-line Testarossa—as primary concerns. The market's cold shoulder echoes broader industry doubts about ultra-luxury EVs, with Lamborghini having recently canceled its own fully electric model, initially planned for 2030, in favor of a plug-in hybrid.
Design by Apple's Former Star
To create the Luce, Ferrari turned to LoveFrom, the design studio led by Sir Jony Ive and Marc Newson, the minds behind the iPhone and MacBook. The result is a radical departure: a five-seat, four-door vehicle that prioritizes aerodynamics and a new interior architecture. The design has been polarizing, to say the least. Social media erupted with unflattering comparisons, with one viral post viewed over 1.7 million times likening the Luce to a Nissan Leaf, a mass-market EV that debuted in 2011. Other critics described it as looking like "a slipper," "a boiler," or an anonymous Chinese EV. Italian senator and former Ferrari executive Carlo Calenda called the car "an aesthetic and technological insult to anyone who loves Ferrari."
A Legend at Risk
Former Ferrari President Luca Cordero di Montezemolo, who led the company from 1991 to 2014, delivered a scathing verdict. "If I were to say what I think, I would hurt Ferrari," he stated. "It risks destroying a legend, and I'm deeply sorry. They should at least remove the Prancing Horse." His sentiment was echoed by Italy's Deputy Prime Minister Matteo Salvini, who questioned the car's aesthetics and its €550,000 price tag, wondering aloud what founder Enzo Ferrari would have thought. An insider recounted to il Giornale how Enzo Ferrari once hedged his bets by launching the six-cylinder "Dino" under a sub-brand to protect the main Ferrari name, a strategy they hope might be repeated with the Luce.
Papal Blessing and Public Backlash
In a scene that quickly went viral, Pope Leo XIV was presented with the Luce at the papal summer residence in Castel Gandolfo. A video showed the pontiff joking with Ferrari Chairman John Elkann, asking, "Is this the first four-door Ferrari?" before sitting in the driver's seat. The meeting, intended as a high-profile endorsement, instead ignited a parallel firestorm of criticism. Many online commentators found the image of the Pope associated with a symbol of extreme luxury to be tone-deaf amid global wars and economic inequality. The controversy echoed the Pope's earlier visit to Monaco, which was also criticized as an embrace of global finance.
The Sound of Silence, Reimagined
Ferrari has framed the Luce as a technological tour de force. It boasts four electric motors—one per wheel—delivering a combined 1,050 hp, a 0-100 km/h time of 2.5 seconds, and a top speed of 310 km/h. A 122 kWh battery provides a 530 km range. To preserve the brand's emotional identity, engineers developed a system that amplifies real vibrations from the electric components to produce an authentic mechanical sound, rather than an artificial imitation of a combustion engine. CEO Benedetto Vigna told the Financial Times he was "not scared" by the public's reaction, calling the car "a step forward towards innovation."
Betting on a New Customer
With orders opening today, Ferrari is making a strategic gamble by prioritizing new customers over its loyal base for the first time. Independent luxury auto brand analyst Scott Sherwood suggested the target market is likely US tech entrepreneurs. "In Ferrari's calculation, the fact that most current Ferrari customers find the Luce an interesting car is irrelevant," Sherwood said. "If it has performed well enough among tech enthusiasts to fill the order book, that's all they care about." This strategy directly challenges the prevailing wisdom of rivals like Lamborghini, whose CEO Stephan Winkelmann noted a "flattening of the acceptance curve for electric cars," emphasizing that their customers "buy a dream, not mobility."
- Ferrari unveils the Luce, its first all-electric car, to the world.
- Pope Leo XIV is presented with the Luce at Castel Gandolfo; the video goes viral.
- Ferrari stock closes down 8.4% on the Milan bourse, wiping nearly €5 billion in market cap.
- Orders for the Luce officially open, with priority given to new customers.
- Ferrari stock regains 1.2% in early trading.
- First deliveries of the Ferrari Luce are scheduled.
If I were to say what I think, I would hurt Ferrari. It risks destroying a legend, and I'm deeply sorry. They should at least remove the Prancing Horse.
We are noticing a flattening of the acceptance curve for electric cars. We must always keep in mind that when they buy our car... they buy a dream, not mobility.
