Ferrari’s first electric car suffers strong negative reaction in Italy and other countries

ROME — Many automakers have had difficulty convincing the public to adopt electric vehicles, and Ferrari is no exception.

Investors and car enthusiasts heavily criticized the Luce, the Italian sports car maker’s first electric vehicle, unveiled on Monday, leading to a backlash in Ferrari’s home country, a barrage of unflattering memes and a drop in the company’s share price.

On Wednesday, Ferrari opened pre-orders for the four-door sports car, which starts at 550,000 euros ($640,000). Its shares have fallen about 8% since the flashy launch event, and analysts question whether the Luce’s troubled debut signals trouble ahead for the company’s electrification plans.

Harald Hendrikse, an automotive analyst at Citi, said it was unclear what effect the new car would have on Ferrari’s “brand perception” in general. He added, in a research report released on Tuesday, after Ferrari held an event in Rome so analysts could see the car up close. “By launching the Luce now, Ferrari has highlighted these risks,” he wrote.

In a break with recent tradition, Ferrari sought outside help for the Luce’s design, turning to LoveFrom, an agency founded in 2019 by Jony Ive, former head of design at Apple, and industrial designer Marc Newson.

The design inspired by Ive has divided opinions. Some critics praised the new model’s engineering, interior design and acceleration power. But many Ferraristi, as fans of the brand are known, value the elegant angles and distinctive engine roar of models like the Ferrari F80, and are having difficulty accepting the Luce’s rounded exterior.

Online, the Luce — pronounced “LU-chai,” or “light” in Italian — was often compared to the Nissan Leaf, an electric vehicle that costs about $500,000 less. “Why do some automakers think electric vehicles need to look like electronic devices?” asked one commenter on Reddit. One popular meme showed a Luce-like car with the wheels up and an iPhone charger plugged in underneath the car.

Perhaps the harshest criticism came from Luca di Montezemolo, former president of Ferrari. “If I say what I think, I will harm Ferrari,” he told reporters on Tuesday when asked about the Luce.

Moments later, he reconsidered, saying bluntly: “We are risking the destruction of a legend.” Matteo Salvini, Italy’s deputy prime minister and leader of the far-right League party, posted similarly unflattering comments on social media.

Ferrari shares recovered slightly on Thursday after Ferrari CEO Benedetto Vigna said at an industry event that the company had received “strong interest, including from new customers” in the Luce.

Ferrari organized a major public relations campaign for the Luce, taking the car on a VIP tour through the streets of Rome. Pope Leo XIV and the President of Italy, Sergio Mattarella, appeared impressed as they inspected the Luce on camera.

But there’s a lot at stake with Luce. Vigna called the electric vehicle a rare “turning point” in the company’s nearly 80-year history of making high-performance sports cars. “I’m lucky to be experiencing a moment like this,” he said in an interview on Monday.

Some analysts attribute Ferrari’s push into electrification to Vigna, a former technology executive who took over at Ferrari in 2021.

In October, the company disappointed the market with an underwhelming growth forecast that included a downward revision of its electricity ambitions.

Since then, Ferrari shares have fallen by a third, reducing the company’s market value by almost $30 billion.

Ferrari now predicts that 20% of its 2030 model lineup will be made up entirely of electric vehicles, compared to the 40% target announced in 2022. The company has kept its plan unchanged for hybrids to make up 40% of new cars.

The market for luxury electric vehicles has practically stagnated. Other luxury carmakers — including Mercedes-Benz, Porsche and Lamborghini — have postponed, scaled back or abandoned their electric vehicle production plans. Many investors wondered whether Ferrari, whose profits had largely weathered the automotive sector’s struggles and President Donald Trump’s trade war, had also misjudged the electric vehicle market.

Citi analyst Hendrikse wrote that Ferrari’s gasoline and hybrid models would boost the company’s profits in the near future.