Ferrari shares tumble 6% after Luce EV design criticism
SkimNews Take
The market reaction suggests that even luxury brands face significant challenges in translating their established identity into the nascent EV market, where consumer expectations for design and performance may differ from traditional internal combustion engine vehicles.
Get the Energy newsletter
Daily energy & climate — solar, EVs, oil, the policy fights and tech bets shaping the transition. Free.
- Ferrari shares fell 6.27% in Milan trading to €290.55, erasing about £3 billion in market value a day after the Luce EV unveiling.
- Luce attracted a flood of negative online commentary, with critics likening its styling to a Honda Accord, an Apple Store minivan, and a luxury toaster.
- Ford faced a similar backlash when it launched the Mustang Mach‑E in 2019, yet the EV later outsold the gas Mustang by 17.6% in 2024 and became the best‑selling Mustang.
- Luce is powered by four bespoke permanent‑magnet synchronous motors delivering 1,050 hp, 0‑100 km/h in 2.5 s, a top speed of 310 km/h, and a 122 kWh battery with 530 km WLTP range.
- SK On co‑developed the 122 kWh battery cells that are structurally integrated into the chassis and designed to be replaceable for future upgrades.
- Ferrari did not let any journalist test‑drive the Luce at the unveiling, relying instead on a short clip with ambassadors Charles Leclerc and Lewis Hamilton to convey the car’s feel.
Why it matters: Investors lost roughly £3 billion in market value as the share dip reflects market skepticism over Ferrari’s design direction, while the engineering team’s ambitious EV specs could position the brand for future performance leadership if the backlash subsides and may influence board decisions on further EV investments.
