Ferrari NV shares fell sharply on May 26, dropping more than 8% in Milan and over 5% in New York, after investors and critics delivered a cool response to its first fully electric vehicle (EV), the €550,000 “Luce”.
According to Reuters, the four-door, five-seat EV, developed with input from former Apple design chief Jony Ive’s LoveFrom, marks Ferrari’s long-awaited entry into electrification. But the radical design shift triggered concerns over brand dilution, with critics questioning whether the model preserves the marque’s traditional identity built on high-performance combustion engines.
Market reaction reflected those worries, with investors citing both aesthetic disappointment and broader uncertainty around Ferrari’s expansion into EVs.
Portfolio manager Fabio Caldato of AcomeA SGR said the stock move highlighted “significant concerns over the expansion of its range to include electric models”, while noting expectations that the car may appeal only to a niche buyer base.
Public sentiment was also mixed, with social media criticism focusing on the vehicle’s design. Italy’s Deputy Prime Minister Matteo Salvini questioned the styling, while former Ferrari chairman Luca Cordero di Montezemolo went further, calling the EV a “betrayal” of the brand’s heritage.
The Luce, named after the Italian word for “light”, is set for deliveries in the fourth quarter and is aimed at new customer segments, including China’s growing premium EV market and tech-sector wealth hubs such as Silicon Valley.
Despite the backlash, Ferrari is betting the model will broaden its ultra-luxury appeal as it navigates the industry’s shift toward electrification. However, analysts warn demand for high-end EVs remains uncertain, with Ferrari itself having already delayed its second electric model until at least 2028.
