Ferrari’s first absolutely electrical automobile, referred to as Luce, in a handout picture obtained by Reuters Could 25, 2026, after the luxurious sports activities automobile maker unveiled the mannequin.
Ferrari | Through Reuters
Ferrari‘s inventory plummeted after it unveiled its first absolutely electrical automobile, which was criticized by the luxurious carmaker’s former boss and even Italy’s transport minister.
The corporate’s shares fell greater than 8% on Tuesday after the disclosing of the Luce, Ferrari’s first five-seater that priced at 550,000 euros, roughly $640,000. The Milan-listed inventory, which briefly rose over 2% on Wednesday morning, closed the session marginally decrease.
Auto analysts, nonetheless, downplayed the destructive market response, saying it’s “too early to be overly involved.”
The corporate unveiled the Luce on Monday, when Ferrari CEO Benedetto Vigna informed CNBC the launch was a “very, crucial day” that symbolized “a brand new chapter” within the firm’s historical past.
However many had been essential of Luce’s unconventional design and a few questioned whether or not the EV might dilute funding returns for the enterprise.
Analysts at RBC Capital Markets famous traders’ issues that “Luce’s design, which prioritizes aerodynamics over downforce, might weigh on residual values.”
“That mentioned, recall that traders voiced comparable issues when the Purosangue was unveiled again in 2022. Since then, the mannequin has grow to be certainly one of Ferrari’s bestsellers, with demand exceeding provide,” they mentioned in a analysis notice on Tuesday.
The Purosangue seemed to be a break from the agency’s longstanding vow by no means to construct an SUV. The corporate referred to as it an FUV: “Ferrari Utility Automobile.”
“Whereas the Luce’s design departs from Ferrari custom, the corporate indicated that the driving expertise stays true to the model,” the RBC Capital Markets notice mentioned.
The analysts added that the corporate may restrict gross sales quantity of the Luce “to keep up exclusivity, although preliminary demand for the automobile is a key indicator for traders to watch. We reiterate that it’s too early to be overly involved, particularly if the design can enchantment to new clients (doubtlessly in China).”
William Li, CEO of Chinese language electrical carmaker Nio, mentioned Ferrari’s designs have all the time been main available in the market, including that the Luce has its personal “distinct traits.”
“You must see it in on-site. Lots of occasions you possibly can’t simply merely watch the movies or photos,” Li informed reporters in Beijing on Thursday, based on a CNBC translation of his Mandarin-language remarks.
“I additionally noticed the video of the [pope test driving the car]. Watching that versus different movies [gave me] a unique feeling,” Li mentioned, noting that “solely when it strikes can you are feeling it.”
How critics attacked the Luce
Buyer deliveries are scheduled to start in This fall. Ferrari mentioned it had chosen to develop and manufacture all parts in-house at its manufacturing facility in Maranello, Italy. The design is by LoveFrom, an company based by former Apple design chief Jony Ive.
Former Ferrari chairman Luca di Montezemolo, who held numerous management positions within the automaker for many years till 2014 and now sits on the board of rival McLaren Group Holdings, mentioned the Luce was a shame to the corporate’s storied historical past.
“I hope that they take off the prancing horse [logo] from that automobile,” he mentioned on the sidelines of a enterprise convention in Rome, based on Reuters.
Milan-listed shares of Ferrari during the last three months.
Ferrari declined to remark. McLaren manufactures competing supercars, has invested closely in hybrid expertise, and likewise competes with Ferrari in Components 1.
Italian Deputy Prime Minister and Transport Minister Matteo Salvini additionally criticized the Luce, calling it “outrageously costly.”
“From an aesthetic perspective, it speaks for itself… It appears to be like like something however a automobile from the Prancing Horse. And that is imagined to be ‘innovation’? Who is aware of what [Ferrari founder] Enzo Ferrari would say,” he wrote on X on Tuesday.
EV demand for luxurious autos
Auto analysts at Citi mentioned that, when luxurious rivals equivalent to Bentley, Lamborghini and Aston Martin have all delayed battery electrical automobile fashions, Ferrari’s Luce launch highlighted the dangers of the BEV transition amongst super-wealthy shoppers.
“This has already had some influence on the valuation a number of, pressured additionally by decrease 5-year EPS development expectations. Nonetheless as Ferrari highlights, even outdoors of EU CO2 emission laws, international demand for vehicles is splitting between ICE and BEV expertise,” they mentioned in a analysis notice on Wednesday.
“Even Ferrari can’t buck that development ceaselessly. Whether or not the LUCE timing and enchantment solves the BEV transition concern for Ferrari presently stays to be seen. Ferrari earnings will nonetheless be pushed by its ICE merchandise for the foreseeable future,” they added.
— CNBC’s Evelyn Cheng, Michael Wayland and Robert Frank contributed to this report.
Disclosure: CNBC is a sponsor of McLaren Racing.
