Ferrari unveiled the Luce, its first fully electric car, on Monday in Rome. By Tuesday morning, the stock had lost nearly 8% of its value, wiping roughly £3 billion off the company's market capitalisation. The market had spoken, and it did not like what it saw.
The Luce is a five-seat sedan priced at €550,000 ($640,000), with deliveries beginning in the fourth quarter of 2026. It produces over 1,000 horsepower, achieves a top speed exceeding 310 kph and has a range of over 500 kilometres. On paper, the specifications are formidable. The design, however, triggered what analysts called "design hate."
The car was developed over five years and designed in collaboration with Jony Ive, the former Apple chief designer. Yet early reactions across social media and analyst commentary focused on a single criticism: it looks too much like other electric vehicles, particularly Tesla models.
For a brand built on distinctive, aggressive styling and the visceral appeal of engine sound, the Luce represents a radical departure that fell flat.
The timing of the negative reaction is telling. Ferrari's stock had risen ahead of Monday's launch on anticipation and hype. The sell-off follows the classic market pattern: buy the rumour, sell the news. But the magnitude of the decline suggests something deeper. Investors had expected the Luce to define a new era for Ferrari. Instead, they see a family sedan that lacks the brand identity that justifies the price.
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Porsche and Lamborghini have scaled back their own EV ambitions, citing weak demand for luxury electric vehicles. Ferrari is taking the opposite bet, doubling down on the segment. The market's immediate reaction suggests that gamble may have underestimated how much Ferrari's customers are attached to the company's traditional identity.
The stock has now fallen more than 31% over the past 12 months. The Luce was meant to reverse that trend. Instead, it accelerated it. The question for Ferrari is whether the real-world reception will match the initial market verdict, or whether the design criticism will fade once customers see the car in person and experience its performance.