Ferrari’s debut electric vehicle, the Luce, has drawn sharp criticism from investors, politicians and car enthusiasts since its unveiling, sending the company’s shares down 8% in a single day.
The $640,000 car, designed by iPhone creator Sir Jony Ive, is Ferrari’s first five-seater and the Italian brand’s first fully electric vehicle, marking a significant departure from its petrol-powered heritage.
Its launch was considered significant enough that Italian President Sergio Mattarella and Pope Leo were invited to view the car in person.
Despite the high-profile reception, online critics quickly mocked the vehicle, with memes spreading rapidly across social media in the days following the unveiling.
Former Ferrari chairman Luca Cordero di Montezemolo told reporters the Luce is “risking the destruction of a legend” and said the company should remove its iconic badge from the car.
Italy’s deputy prime minister and transport minister Matteo Salvini also weighed in, saying “This is supposed to be innovation? I wonder what Enzo Ferrari would say,” referring to the company’s founder.
Salvini added that the Luce “looks like anything but a car from the prancing horse,” reflecting a broader sentiment among critics that the vehicle is unrecognisable as a Ferrari product.
Australia-based high-end car dealer Shaun Baker told the BBC he calls the Luce the “Loser,” saying “Ferrari was the aspirational brand to own. But with the Luce, they’ve hurt their image.”
Some social media users drew comparisons between the Luce and far cheaper vehicles including the Nissan Leaf and Chinese EVs, comparisons Ferrari boss Benedetto Vigna was quick to push back against.
Baker, who has owned more than 50 Ferrari cars, dismissed AI-generated redesigns posted by social media users as evidence of the car’s shortcomings, saying “They were made in 10 seconds and still look better than what Ferrari has come up with.”
Singapore car analyst James Wong praised the Luce’s interior design but said the car as a whole is “unrecognisable” as a Ferrari, and suggested the firm could have benefited from a “dipstick test” with loyal customers before launching.
Sustainable industry expert Jessica Cheam said the Luce’s “eye-popping price tag” looks particularly steep given the increasingly affordable and feature-rich EVs already available on the market.
Vigna has defended the pricing, saying it is a fair cost for the level of innovation on offer, and that the car has received strong interest from potential buyers.
The launch comes as Ferrari faces growing competition from Chinese electric vehicle makers, who are increasingly targeting the premium segment with models such as the $250,000 BYD Yangwang U9, which can reach 60mph in just over 2.3 seconds.
China’s EV production advantage is significant, with the International Energy Agency noting the country’s vast supply chains help lower production costs by at least 30% compared to the rest of the world.
Rival supercar brand Lamborghini has taken the opposite approach, scrapping its EV programme entirely, with boss Stephan Winkelmann telling CNBC that his company’s focus on hybrid cars over all-electric models was “the right way to go.”
Ferrari is not alone in facing a public backlash over an electric rebrand, with Jaguar sparking similar controversy in 2024 when it unveiled its Type 00 concept vehicle as part of a shift toward becoming a high-end EV brand.
Wong noted that all the controversy may not be entirely unwelcome, adding “all this could have been intentional, given the huge media storm that the Luce has attracted.”