Ferrari unveiled its first fully electric car on Monday and by Tuesday morning the market had rendered its verdict. Shares fell more than 6% at the open, and the brand’s own former chairman publicly demanded the Prancing Horse be stripped from the vehicle’s flanks. For a company that built its entire identity on exclusivity and combustion, it was a bruising 24 hours.
Luca Cordero di Montezemolo, who led Ferrari for more than two decades, did not mince much. Speaking on the sidelines of the Confindustria assembly, he said, “I cannot say what I really think: I would harm Ferrari. We risk the destruction of a legend. So sorry. Take the Prancing Horse off. At least the Chinese won’t copy this car.”
The car in question, named the Luce and priced at €550,000, was revealed at an event in Rome. Five years in development by CEO Benedetto Vigna’s account, it is Ferrari’s first five-seater and first four-door model, requiring an entirely new platform.
The exterior was designed by LoveFrom, the creative agency founded by Sir Jony Ive, the former chief designer at Apple, and the result departs sharply from what Ferrari has produced for decades. The cabin sits under a wedge-shaped glass dome. The fenders are narrower and the surfaces smoother, stripped of sharp edges. The higher seating position is a direct consequence of floor-mounted batteries.
The powertrain, at least, speaks Ferrari’s first language. A quad-motor setup, one electric motor per wheel, produces over 1,050 horsepower. The car reaches 60 mph in under 2.5 seconds. Four-wheel steering, adaptive suspension, carbon sleeves in the electric motors, and high-voltage inverter technology drawn from Ferrari’s racing programme round out the mechanical case.
The price alone raises questions. At €550,000, the Luce opens above the €460,000 Testarossa, currently Ferrari’s most expensive model, well above Ferrari’s Q1 average selling price of €453,000 and the full-year 2025 average of approximately €440,000 estimated by Equita.
The share drop also lands against a bruised backdrop. Ferrari stock has lost more than 25% over the past year, moving in step with a broader slump across luxury brands. Lamborghini abandoned plans to launch fully electric cars and pivoted to hybrids, citing weak demand. Porsche scaled back its EV ambitions under pressure from poor sales in China and tariffs in the United States. Ferrari, Europe’s most valuable carmaker, previously ruled out a full EV entirely, opting for hybrids before reversing course.
Ferrari has said petrol and hybrid cars will continue alongside the Luce. At €550,000 a car and roughly 1% of expected volumes, the entire electrification wager comes down to whether the brand can recruit a new class of buyer its own dealers have yet to locate.
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