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.
Join Grand Prix Tours in Austin, Texas for the high-energy 2026 United States Grand Prix at Circuit of the Americas. Experience nonstop action on one of Formula 1’s most exciting tracks, featuring dramatic elevation changes, thrilling overtakes, and a packed race weekend. Off the track, enjoy a festival atmosphere with live music, world-famous BBQ, and buzzing nightlife. Your Grand Prix Tours package includes a fully curated race weekend, highlighted by exclusive access to our private F1 Celebrity Talk Show, where guests gain insider insights and behind-the-scenes perspectives. With demand soaring and this event quickly becoming a modern American racing tradition, now is the time to secure your spot for an unforgettable Austin Grand Prix experience.
SHOW PACKAGES
There are motorsport events, and then there is the Indianapolis 500, the "Greatest Spectacle in Racing." Next year marks Grand Prix Tours' 42nd Indianapolis 500 tour and our decades of experience and local connections provide exclusive access that few fans ever enjoy, including police escorts on race day, a Dallara IndyCar Factory tour, Gasoline Alley and Legends Day, the Driver Introduction Ceremony, and a private dinner with former Indy driver Derek Daly. Combined with excellent hotel accommodations, seamless event planning, and Grand Prix Tours' signature service, this is far more than a race weekend; it's a once-in-a-lifetime motorsport experience. With tour spaces limited each year, we encourage you to reserve your place early for the 111th Indianapolis 500.
SHOW PACKAGES
Experience Formula 1 at its most iconic with an unforgettable trip to the 2027 Grand Prix de Monaco. Feel the excitement as the world’s best drivers race through the legendary streets of Monte Carlo, surrounded by superyachts, Mediterranean views, and the unmistakable glamour of Monaco. From incredible race viewing to carefully selected accommodations, Grand Prix Tours brings you closer to the action at one of the most prestigious and spectacular events in all of motorsport.
SHOW PACKAGES
The 24 Hours of Le Mans is the ultimate test of speed, strategy, and endurance. Watch the world's top manufacturers battle for 24 nonstop hours in one of motorsport's most prestigious events. With Grand Prix Tours handling your accommodations, transfers, and ticket options, all that's left is to experience this unforgettable bucket-list race.
SHOW PACKAGES
Feel the roar of Formula 1 at its spiritual home. Silverstone is one of the fastest and most demanding circuits in the world, where brave overtakes, lightning-fast direction changes, and flat-out commitment separate the best from the rest. Combined with the electric atmosphere created by hundreds of thousands of passionate fans, the British Grand Prix delivers a race weekend unlike any other.
SHOW PACKAGES