Ferrari shares fell sharply on Wednesday following the public reveal of the Luce, the companys first fully electric four-door model. The exterior styling of the car provoked widespread criticism, but Barclays analyst Henning Cosman warned investors that the market's pullback appears disproportionate to the vehicle's immediate commercial significance.
According to Barclays, Ferrari underperformed the SXAP index by 9% in the day and a half after unveiling the Luce. The bank characterizes the decline as an excessive reaction given the Luce's expected role in the manufacturer's lineup.
The Luce is described as a four-door, five-seat, fully electric Ferrari with more than 1,000 brake horsepower, capable of accelerating from 0 to 100 km/h in 2.5 seconds. The model carries a base price of ,550,000 before personalization and is slated for volume production in 2027, with deliveries expected to begin in the fourth quarter of 2026.
Barclays emphasized that the Luce represents only about 3.5% of unit sales when it enters volume production in 2027 and is one of 20 planned model launches between 2026 and 2030. That context underpins the banks view that the market reaction is outsize relative to the models projected contribution to Ferrari's unit volume.
The Luces exterior, which was developed in collaboration with the design firm LoveFrom led by former Apple Chief Design Officer Jony Ive and designer Marc Newson, departs markedly from Ferraris traditional aesthetic. The cars shape prioritizes an extreme form-follows-function approach intended to reduce aerodynamic drag, a choice that generated significant media backlash.
Barclays, which maintains an Overweight rating and a ,355 price target on Ferrari, acknowledged the controversy surrounding the Luce's appearance. The firm said it does not "love" the design but praised Ferraris willingness to confront what it framed as the Innovators Dilemma, favoring an approach that attempts to "fail small" in the near term rather than avoid trying to succeed in a changing market environment.
While the design debate may cause discomfort among core customers and short-term investor sentiment, Barclayss analysis focuses on the Luces limited immediate impact on unit sales and positions the move as a deliberate strategic experiment within a broader product rollout through 2030.
Delivery timing: Volume production in 2027; deliveries expected to start in the fourth quarter of 2026.