Ferrari shares plunge 8 as Luce EV sparks furious backlash

Ferrari’s first fully electric supercar, the Luce, has triggered a market backlash, sending the company’s shares plunging 8.37% in a single day after its unveiling. The €284.05 closing price on Tuesday marks Ferrari’s steepest one-day decline in over a year, as investors and purists react to the €474,320 five-seater—designed in collaboration with Sir Jony Ive’s agency LoveFrom—with scorn, branding it "straight to the junkyard" and a betrayal of the brand’s heritage .

Criticism has been swift and visceral. Social media erupted with derision, while a former Ferrari executive—unnamed in reports—publicly condemned the design, amplifying concerns that the Luce’s radical departure from Ferrari’s combustion-engine DNA risks alienating its core clientele. The backlash contrasts sharply with the car’s ceremonial debut, which included a private audience with Pope Leo XIV at Castel Gandolfo on 26 May, where the pontiff test-drove the Luce as a symbolic endorsement of Ferrari’s electric pivot .

The Luce’s design, led by Ive—Apple’s former chief design officer—has drawn particular scrutiny. Dutch media describe the collaboration as a "culture clash," with fans accusing the iPhone designer of imposing a "sterile" aesthetic on Ferrari’s traditionally visceral styling . The five-seat layout, a first for Ferrari, has further fueled skepticism, with analysts questioning whether the brand’s luxury cachet can survive the shift to mass-market EV expectations.

Ferrari’s timing compounds the pressure. The Luce arrives as Chinese EV manufacturers intensify competition in the high-end segment, and as rivals like Porsche and Lamborghini scale back their own electrification plans. The BBC reports that the Luce’s reception reflects broader industry anxiety about the viability of premium EVs in a slowing global market .

Despite the turmoil, Ferrari remains committed to its electric future. The company has not announced revisions to the Luce’s design or pricing, but industry observers note that the model’s success—or failure—will set the tone for Ferrari’s next decade. With deliveries slated to begin in 2027, the Luce’s real test will come not in boardrooms or papal driveways, but on the open road.