Ferrari’s entry into the electric vehicle market has faced a turbulent reception, with the company’s share price falling 8.4% on the Milan stock exchange the day after the unveiling of its new model, the Luce. Shares traded in the United States also saw a decline of 5.3% following the debut of the vehicle, which is the brand’s first five-seater and its first fully electric car.
The Luce, whose name translates to “light,” carries a price tag of approximately $640,000, or over €500,000. Despite its high-performance specifications—including a 0-60 mph (96 km/h) time of 2.5 seconds and a top speed exceeding 190 mph—the vehicle’s design has become a lightning rod for criticism. The car features input from Sir Jony Ive, the former Apple design lead, but its departure from the brand’s traditional low-slung aesthetic has alienated many long-term enthusiasts.
In an effort to bolster the launch, Ferrari Chairman John Elkann presented the vehicle to high-level institutional figures. The car was showcased to Pope Leo XIV at the papal summer residence in Castel Gandolfo, where the pontiff sat in the driver’s seat while a test pilot explained the controls. Italian President Sergio Mattarella was also granted a private viewing of the vehicle.
Despite this high-level staging, the public and industry reaction has been largely negative. Online critics have disparagingly labeled the vehicle the “Playmobil car” and the “Temu Ferrari,” with some comparing its silhouette to a household appliance. Shaun Baker, an Australia-based high-end car dealer and collector, told the BBC that he refers to the model as the “Loser,” noting that the brand has damaged its aspirational image.
Internal criticism has been equally pointed. Former Ferrari chairman Luca Cordero di Montezemolo stated that the firm is “risking the destruction of a legend,” and suggested the company should remove its iconic prancing horse badge from the car. He further remarked, with irony, that the Luce is “at least an automobile that the Chinese will not copy.”
Italy’s deputy prime minister and transport minister, Matteo Salvini, also questioned the direction of the company. “This is supposed to be innovation? I wonder what Enzo Ferrari would say,” Salvini said, adding that the Luce “looks like anything but a car from the prancing horse.”
The launch comes as the global automotive industry faces intense competition from Chinese manufacturers and a broader, difficult transition toward electrification. While some online observers have praised the design as a “masterclass,” the overwhelming sentiment among investors and traditionalists remains skeptical. The company is now navigating the fallout as it attempts to reconcile its heritage of roaring petrol engines with the demands of the modern electric vehicle market.
