Ferrari faces backlash over electric car launch, stock tumbles

The unveiling of Ferrari's first all-electric model, the 'Luce,' has ignited a firestorm of criticism both within Italy and across the automotive world. The car's debut marked a definitive entry for the luxury marque into the electric sports car segment, but it was met with public backlash, internal dissent, and an immediate negative response in the stock market.

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We run the risk of destroying a legend.

Ferrari's shares plummeted by 8.4% on the Milan stock exchange, wiping out approximately 4.6 billion euros in market capitalization. The most stinging critiques came from influential figures with deep ties to the brand. Luca Cordero di Montezemolo, who led Ferrari for decades and is credited with much of its modern success, directly questioned the project. "We run the risk of destroying a legend," he stated, even suggesting that the iconic 'prancing horse' emblem should be removed from the electric vehicle.

Adding to the controversy, Italian Deputy Prime Minister Matteo Salvini also voiced his disapproval, stating the car "doesn't look like a Cavallino Rampante car at all." This public criticism contrasts sharply with Ferrari's efforts to lend institutional weight to the launch. Executives, including CEO Benedetto Vigna and heir John Elkann, presented the vehicle to Pope Leo XIV and Italian President Sergio Mattarella, attempting to frame the Luce as a significant, albeit radical, step for the company.

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I hope they at least remove the prancing horse from that car.

Technically, the Luce represents a departure for Ferrari. It utilizes a bespoke electric platform, features four independent motors delivering over 1000 horsepower, and can accelerate from 0 to 100 km/h in 2.5 seconds. It is also Ferrari's first five-seater and one of its largest models. The design, a collaboration with Jony Ive's LoveFrom studio, is a provocative departure from traditional Ferrari aesthetics, featuring a silhouette that challenges the brand's established visual identity.

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It doesn't look like a Cavallino Rampante car at all.