Ferrari's first fully electric vehicle, priced at €550,000, faced widespread negative reactions from analysts and social media users who compared its design to mass-market EVs.
9:27 PM
Ferrari shares dropped nearly 8% following the unveiling of its first fully electric vehicle, the Luce, after the car's design drew sharp criticism from industry analysts and social media influencers.
The Luce, priced at €550,000 (approximately $640,000 or 3.2 million Brazilian reais), represents a significant departure from Ferrari's traditional design language. The four-door, five-seat vehicle was designed by Jony Ive, the former chief design officer of Apple, marking a break from the aesthetic associated with Ferrari's longtime design chief Flavio Manzoni.
Critics compared the car's appearance to mass-market electric vehicles. Pierre-Olivier Essig, head of research at AIR Capital, described the Luce as resembling "a mix between a Honda Accord EV and a Tesla 3." Other commentators drew unfavorable comparisons to the Nissan Leaf, a far less expensive vehicle.
The backlash extended beyond design concerns. The Luce features a 1,000-horsepower electric motor capable of accelerating from 0 to 62 mph in 2.5 seconds, yet manages a maximum range of only 329 miles despite housing one of the largest batteries in any production electric vehicle.
The launch proved controversial enough that Ferrari sought to manage the fallout through high-profile endorsements. Ferrari chairman John Elkann and senior executives arranged for Pope Leo XIV to sit in the driver's seat of the Luce in a hillside town approximately 15 miles southeast of Rome. Test driver Raffaele De Simone explained the vehicle's controls and driving modes to the pontiff. Italy's president also became among the first to drive the vehicle.
The negative reception from investors and critics contrasts sharply with Ferrari's status in Italy, where the company is deeply revered. The Luce's design and specifications have drawn particular ire from traditionalists who view the vehicle as a departure from Ferrari's heritage, with some online commenters expressing strong disapproval of the direction the company has taken with its electric offering.
Ferrari revealed the Luce, its debut electric supercar, at an event in Rome on May 25, marking the automaker's entry into the EV market after years of development.
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