Ferrari Luce Electric Vehicle Divides Opinion, Shares Drop After Launch
The introduction of the Ferrari Luce, the luxury marque's first all-electric vehicle and five-seater, has generated considerable controversy. Designed by Sir Jony Ive, the Luce's unveiling saw Italy's President Sergio Mattarella and Pope Leo in attendance, yet the reception from wider audiences has been sharply critical.
Following its launch, Ferrari's shares declined by 8%, as the £475,625 car became the subject of widespread online mockery. Critics have lambasted the Luce's aesthetics, with former Ferrari chairman Luca Cordero di Montezemolo suggesting the vehicle risks "the destruction of a legend" and advocating for the removal of the iconic Ferrari badge.
Italy's deputy prime minister and transport minister, Matteo Salvini, also questioned the design, stating the Luce "looks like anything but a car from the prancing horse." High-end car dealers and collectors have echoed this sentiment, with one referring to it as the "Loser" and suggesting it has damaged Ferrari's aspirational image.
This move into electric vehicles comes as the global automotive industry navigates intense competition, particularly from Chinese manufacturers who benefit from significantly lower production costs and aggressive subsidies. Ferrari boss Benedetto Vigna has defended the Luce, despite comparisons to more affordable electric models and criticisms of its departure from traditional Ferrari styling.
The controversy surrounding the Luce mirrors previous reactions to Ferrari's Purosangue SUV in 2022, and similar debates faced by Jaguar with its Type 00 concept. While some analysts suggest the Luce may attract younger buyers or new customers to the brand, its design and eye-watering price tag are seen as unrecognisable to many long-standing enthusiasts, raising questions about Ferrari's brand identity amidst its pivot to electrification.
