May 27 (GMM) Ferrari has been hit by a wave of criticism – and a major stock market selloff – following the launch of its controversial new electric luxury model, the Ferrari Luce.
The all-electric four-door Ferrari, designed with input from former Apple designer Jony Ive, was unveiled by the marque’s Formula 1 stars Lewis Hamilton and Charles Leclerc.
But the reaction online and in financial markets was brutal.
Ferrari shares reportedly dropped between 6 and 8 percent following the reveal, wiping roughly 4-5 billion euros from the company’s market value within hours.
The Luce carries a starting price of 550,000 euros in Italy, making it Ferrari’s most expensive non-supercar production model.
Critics say the problem is not simply that Ferrari launched an EV – but that the design and concept risk diluting Ferrari’s identity built around sound, engines and racing heritage.
Former Ferrari president Luca di Montezemolo reacted furiously.
“We risk destroying a legend, and I’m truly sorry about that,” he said during an event hosted by Italian business association Confidustria.
The 78-year-old then delivered an even harsher line that immediately exploded across Italian media. “I hope they at least remove the prancing horse from that car.”
Montezemolo also mocked the design itself.
“It is certainly a car that at least the Chinese won’t copy,” he said.
The remarks echoed criticism from Alpine advisor and fellow Italian Flavio Briatore. “I looked at the Ferrari Luce, and this electric car has one big advantage.”
“The Chinese will definitely not copy this model.”
Montezemolo later appeared visibly emotional while discussing Ferrari’s direction. “If I said what I really think, I would harm Ferrari,” he said.
Despite the backlash, Ferrari CEO Benedetto Vigna defended the project strongly. Before the launch, he insisted he was “not scared” about public reaction to the unconventional model.
And after the selloff, Vigna stressed the project was financially calculated carefully.
“We put a lot of money into it,” he said. “But we also worked to make this car profitable.”
Ferrari remains among the manufacturers in F1 reportedly resisting efforts to accelerate a return toward simpler combustion-focused regulations from 2027 onward.
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