ROME, May 27 - Ferrari's launch of the Luce, its first all-electric vehicle, achieved immediate global attention but generated a wave of criticism as much as curiosity. The car, a four-door, five-seat family-oriented model, represents a conspicuous departure from Ferrari's established portfolio of low-slung, petrol-powered sports cars.
The Luce was presented at a high-profile gala in Rome late on Monday and was subsequently shown the next day to Italian President Sergio Mattarella and Pope Leo, a well-known car enthusiast who appeared happy to take the driver's seat. The vehicle's styling, attributed largely to designers Jony Ive and Marc Newson working through their LoveFrom collective, has left many long-standing fans and commentators puzzled.
Reactions on social media were immediate and frequently unflattering, with users comparing the Luce to everyday objects such as a vacuum cleaner or a rubber clog, and drawing parallels with the Fiat Multipla - a 1990s people carrier often cited among the world's ugliest cars. Political figures and former company executives also voiced concerns: Italian Deputy Prime Minister Matteo Salvini publicly questioned what founder Enzo Ferrari, who died in 1988, might have thought, while former Ferrari CEO Luca Cordero di Montezemolo suggested the model should be stripped of the prancing horse badge.
Investors reacted to the unveiling as well. Milan-listed Ferrari shares fell 8.4% on Tuesday and then declined a further 0.1% on Wednesday. One investor described to reporters the market move as a reaction to "an aesthetic disappointment." Ferrari declined to comment on the backlash after the reveal.
Industry analysts and company observers have offered more measured readings. Felipe Munoz of Car Industry Analysis said Ferrari likely anticipated the uproar given how deliberately the Luce breaks with tradition, and he noted that negative coverage nonetheless raises awareness. "From a communication standpoint, they have managed to get the world talking about the electric Ferrari," Munoz said, adding that the visibility around the model has crowded other topics.
Munoz characterized the Luce as a "statement product" - one that is unlikely to become a volume seller but is important for showcasing Ferrari's technology and for repositioning the brand for an electric future. A company source pointed out that previous Ferrari departures from established product forms - the all-wheel-drive FF in 2011 and the Purosangue SUV in 2022 - also prompted scepticism at first before going on to sell well.
HSBC's global autos analyst Michael Tyndall said the company may have expected some surprise but perhaps not the magnitude of the market reaction that followed. He wrote that management appeared to feel compelled to take a risk given how much the Luce departs from their core DNA - specifically being a four-door, five-seat electric vehicle - and that future orders will be the decisive measure of whether that risk pays off.
For investors weighing Ferrari's stock, some market tools and valuations have been highlighted by commentators as a way to assess whether the recent sell-off opens a buying opportunity. One such valuation approach referenced uses a combination of 17 established industry models to derive a fair value for the company's shares.