Ferrari’s first fully electric vehicle, the Luce, triggered backlash from some fans and a sharp rebuke from former Chairman Luca Cordero di Montezemolo as shares fell 5% following the launch.

By yourNEWS Media Newsroom,

Ferrari shares dropped 5% Tuesday after the Italian luxury automaker introduced the Luce, its first fully electric vehicle, in a launch that marked one of the most consequential departures from the company’s combustion-engine heritage.

The vehicle was unveiled at a venue in Rome, where Ferrari presented the Luce as the beginning of a new era for the brand. The name means “light” in English and was selected to suggest “clarity and direction” as the company moves into the electric vehicle market, CNBC reported.

The market reaction was swift. Ferrari’s stock fell in morning trading as the company faced criticism over both the vehicle’s styling and its electric powertrain. The launch also drew attention on social media, where users circulated images and commentary about the car, including posts shared through Breitbart’s embedded tweet page and on X.

One of the sharpest critiques came from former Ferrari Chairman Luca Cordero di Montezemolo, who told reporters in Italian, “If I said what I really think, I’d harm Ferrari.” He also said the company was “risking the destruction of a myth,” before adding, “I hope they at least remove the Prancing Horse from that car.”

The comments underscored the tension surrounding Ferrari’s shift into the EV market, where the company is attempting to preserve its exclusivity and performance identity while adopting a technology that some longtime fans view as inconsistent with the brand’s legacy.

The Luce arrives as some other luxury automakers, including Porsche and Lamborghini, have reduced or delayed parts of their electric vehicle strategies amid softer consumer demand for EVs. Online critics compared Ferrari’s new model to more conventional electric vehicles already on the market, with additional reactions circulating through another embedded post and on X.

Ferrari CEO Benedetto Vigna defended the debut, calling it a “very, very important day” and describing the Luce as the start of “a new chapter” for the company.

Vigna said Ferrari’s move into electric technology required a different design approach while still maintaining respect for the company’s standards and customers.

“Look, when you do a new technology, you need always to keep in mind a word that is called respect,” Vigna told CNBC’s Charlotte Reed. “Respect of the technology, because when you have a new technology, you need to make sure that that technology is properly represented in the design, so the design must be different.”

The company expects the Luce to appeal to existing Ferrari customers while also drawing new buyers to the brand. The model represents several firsts for Ferrari, including its status as the company’s first fully electric vehicle and its first five-seater.

Ferrari said the Luce can accelerate from zero to 60 miles per hour in about 2.5 seconds and reach a top speed of roughly 192 miles per hour. The vehicle is priced at about 550,000 euros, or approximately $640,000, with deliveries expected to begin in the fourth quarter of this year.

Analysts said the stock decline reflected a combination of investor expectations, development costs and doubts about how an electric model fits within Ferrari’s traditional identity.

Michael Field, chief equity strategist at Morningstar, said the reaction involved both criticism of the vehicle and a market dynamic in which anticipation had already been reflected in the stock price before the launch.

“Ultimately many fans are disappointed that Ferrari is embracing the EV concept, believing it dilutes the supercar brand, which has modelled itself around classic design and raw, combustion-engine power,” Field explained.

Field also said investors had been concerned about the costs involved in developing an EV, including elevated research and development expenses that could require Ferrari to recover significant spending over time. Those costs, he said, could weigh on investment returns.

The debate over the Luce continued across social media, where users shared additional comparisons and criticism of the vehicle’s appearance through a third embedded post and on X.

The launch places Ferrari at the center of a broader industry question facing high-end automakers: how to electrify without weakening the character that made their brands valuable. For Ferrari, the Luce is not only a new vehicle but a test of whether the company’s identity can expand beyond the sound, mechanics and image of combustion-engine performance.

Additional details on the launch were reported by CNBC.