Ferrari (BIT: RACE) saw its share price fall more than 8% on the Milan stock exchange the day after it unveiled its first fully electric car, the Luce, on May 25, 2026.
The bubble-shaped five-seater has drawn widespread criticism from fans and existing owners who say the vehicle marks a damaging departure from the brand’s identity.
British car magazine Auto Express described the EV supercar as the “Apple car that no one wanted,” referencing former Apple design chief Jony Ive, whose agency helped design the vehicle.
US automotive expert Lauren Fix, speaking on CNN’s Quest Means Business, said the car was an affront to loyal customers who already own Ferrari vehicles.
“I’m a Ferrari owner, so I will tell you, it’s insulting to those of us that have these cars,” Fix said, adding, “It looks like a Nissan Leaf” — a model that retails at less than a tenth of the Luce’s $640,000 price.
Fix also warned that consumers would balk at the high price tag, pointing to Porsche having dropped its own plans to produce an electric car.
Italian Transport Minister Matteo Salvini added his criticism on X, writing: “Outrageously expensive (550,000 euros!) and, from aesthetic point of view, it speaks for itself… It looks like anything but a car from the prancing horse.”
The Luce is Ferrari’s first ever five-seater, featuring four electric motors, a top speed of 190 mph, and a range of more than 300 miles, with artificial engine vibrations and sound designed to preserve the Ferrari driving experience.
Horst Schneider, head of European automotive research at Bank of America, said the backlash had centered on “whether the Luce still looks and feels like a Ferrari,” but suggested the risk to the company appeared “manageable” given its broader lineup.
The stock has recovered some of its losses but has not fully rebounded, with the selloff wiping approximately €5 billion ($5.8 billion) from Ferrari’s total market value.
