Ferrari’s $640K Electric Luce Sparks Investor Backlash and Online Fury
Ferrari unveiled its first fully electric vehicle, the Luce, in Rome on May 25, 2026 — and the reaction was swift, brutal, and costly. Priced at approximately €550,000 ($640,000), the four-door, five-seat EV represents the most radical departure in the Prancing Horse’s 79-year history. Within 24 hours, Ferrari’s share price had dropped as much as 8.4% in Milan and 5.1% in New York, wiping out roughly £3 billion in market capitalization as investors and enthusiasts alike voiced their displeasure.
A Design That Divided the World
The most immediate source of controversy is the Luce’s appearance. Designed by Sir Jony Ive and Marc Newson’s LoveFrom collective — the first time Ferrari has outsourced design leadership — the car abandons the aggressive, sculpted lines of traditional Ferraris for a minimalist, Apple-esque aesthetic. Social media erupted with comparisons to mass-market EVs, with the launch color (a pastel blue) drawing unflattering parallels to the $32,000 Nissan Leaf.
“I would have hoped the electric Ferrari would be the CHEAPEST in the lineup,” one Reddit user wrote. “But instead they did the opposite and made it look like a wooden IKEA toy.” Another critic described the design as “an Alfa SZ that’s melted,” while others called it a “monstrosity” and compared it to a “luxury toaster.”
Perhaps the most damning criticism came from within Ferrari’s own ranks. Luca Cordero di Montezemolo, who led Ferrari as chairman and president from 1991 to 2014, told Italian media: “If I had to say what I really think, I would be hurting Ferrari. We’re risking the destruction of a legend, and I’m truly sorry about that.” He added, according to The Guardian: “Take the Prancing Horse off. At least the Chinese won’t copy this car.”
Italy’s Transport Minister Matteo Salvini also weighed in, writing on X: “Aesthetically speaking, it speaks for itself. I wonder what Enzo Ferrari would say.”
The Market Speaks
Investor reaction was equally severe. Anthony Dick, an auto analyst at Oddo BHF, told CNBC that the stock move represented “the sharpest reaction we’ve seen for a car design — the market has spoken.” Ferrari shares closed at €290.55 in Milan, down 6.27%, while New York-listed shares fell 5.1%.
The backlash comes at a precarious time for the luxury EV market. Rivals including Porsche and Lamborghini have scaled back their EV ambitions due to weaker-than-expected demand, while Ford and Stellantis have taken multi-billion-dollar charges related to EV production reversals. Electric vehicles have also become a political flashpoint in the US, with opposition to EVs emerging as a “common reactionary theme.”
Engineering Excellence Beneath the Controversy
Yet beneath the aesthetic debate lies what automotive journalists acknowledge as genuinely innovative engineering. The Luce is powered by four bespoke permanent magnet synchronous motors — one per wheel — delivering a combined 1,050 hp. It accelerates from 0-100 km/h in 2.5 seconds, 0-200 km/h in 6.8 seconds, and reaches a top speed of over 310 km/h.
The 122 kWh battery, co-developed with SK On and built in Maranello, supports 350 kW DC fast charging and delivers a WLTP range of 530 km. The battery is designed to be replaceable, allowing owners to upgrade as technology improves. Ferrari’s new Vehicle Control Unit updates actuation targets 200 times per second, managing torque vectoring at every wheel independently.
According to Ferrari’s official press release, the project includes more than 60 new patents. The car’s center of gravity is 95 mm lower than the Purosangue SUV, and Ferrari claims dynamic behavior equivalent to a car 400 kg lighter than its actual 2,260 kg curb weight.
A novel sound system uses a precision accelerometer mounted at the center of the rear axle to capture the actual vibration of the rotating motors, filtering and amplifying it — similar to an electric guitar amp — rather than piping in fake engine noise.
The Mustang Mach-E Precedent
Multiple commentators, particularly Electrek, have drawn parallels to Ford’s 2019 Mustang Mach-E launch, which faced identical backlash from Mustang purists. The Mach-E went on to become the best-selling Mustang model, outselling the gas-powered version by 17.6%.
“People hate change,” wrote Electrek’s Fred Lambert. “Haters are way louder than lovers. The smart move is to let the dust settle a few months and see what the actual reaction looks like once the shock wears off.”
However, Lambert also identified a strategic misstep: Ferrari did not allow journalists to test-drive the Luce at the launch event. “The day of the launch should have been the day a hundred reviewers wrote about what 1,050 hp through four independent motors actually feels like on the road,” he noted. “Instead, the entire global media cycle is about whether the car ‘looks like a Ferrari.’”
Ferrari’s Defense and the Road Ahead
Ferrari leadership has stood firm. President John Elkann described the Luce as “a chapter that turns our vision into reality,” while CEO Benedetto Vigna said the company demonstrates “leadership when it has the courage to dare and to take on the challenge of new technologies.” Vigna has described the car as intentionally “polarising,” aiming to attract new buyers beyond Ferrari’s traditional customer base — particularly in China, the world’s largest EV market.
First deliveries are expected in Q4 2026, limited to Ferrari’s annual production cap of approximately 14,000 cars. The critical unanswered question is whether Ferrari’s ultra-wealthy customer base will embrace a five-seat, electric family car that looks nothing like a traditional Ferrari. The answer will begin to emerge later this year — and it could determine whether the Luce becomes a historic misstep or a bold pivot that reshapes the luxury EV market.
Reporting contributed by The Guardian, The New York Times, Electrek, and the New York Post.