Global car icon Ferrari has taken a massive financial hit after more than $7.5 billion was wiped off the company’s value share value following the controversial reveal of its first electric five-door supercar – the Ferrari Luce. Shares plummeted more than 8 per cent on the Milan stock exchange and over 5 per cent on the New York Stock Exchange. And investors and even Italy’s MPs, where Ferrari is considering a source of national pride, were not mincing words about why. And it seems even
the Pope has been called in to help save the situation. RELATED: Ferrari shocks with radical new EV AcomeA SGR portfolio manager Fabio Caldato told Reuters, “Ferrari is being penalised for an aesthetic disappointment.” Mr Caldato added that concerns about expanding the range to include electric models had been building for some time. The backlash has been so fierce that Italy’s Deputy Prime Minister and Transport Minister Matteo Salvini felt compelled to weigh in. “It looks nothing like a Ferrari. Is this supposed to be
‘innovation’? Who knows what Enzo Ferrari would say,” Salvini wrote on X. Former Ferrari boss Luca Cordero di Montezemolo — who led the company for more than 20 years before a bitter split in 2014 — went even further, calling the new model a betrayal of Ferrari’s history. “I hope that they take off the prancing horse (logo) from that car,” he said. The backlash may not be surprising to those watching the broader luxury car market. RELATED: ‘Can I sue?’: Ferrari fans demand answers
Supercar rival Lamborghini scrapped its EV plans entirely after finding virtually no demand, while Porsche has also significantly wound back its electric ambitions following poor sales and customer feedback. But for Ferrari, it seems, it didn’t get the memo. Ferrari fans have not reacted warmly to the brand’s first electric car, either The new Ferrari Luce, a sleek SUV with a similar shape to Tesla’s Model Y, made its global debut earlier this week to a very luke warm reception from enthusiasts. Styled in part
by Australian designer Marc Newson, who co-founded design firm LoveFrom with former Apple colleague Jony Ive, the car has had a difficult reception. Ferrari’s social media pages have been inundated with thousands of comments from people reacting passionately to the car. “Ferrari really said “what if we removed everything people like about Ferrari?” said one person. “It’s not too late to delete this,” said another. One person asked “Can I sue Ferrari for hurting my eyes?” and other suggested that “the whirring sound isn’t the
electric motor, it’s [company founder] Enzo [Ferrari] spinning in his grave”. And at a cost of around $1m to hit the streets, it remains to be seen just how popular or unpopular the car will be with those who matter most to the company – buyers. Perhaps it may need help from the divine, with Ferrari rolling out Pope Leo XIV to help with promotion of the car. According to Italian media reports, Ferrari presented a version of the car to the Pope.
Ferrari, Luce, electric supercar, Matteo Salvini, Luca Cordero di Montezemolo, Pope Leo XIV, Milan stock exchange, New York Stock Exchange, Fabio Caldato, Marc Newson, Enzo Ferrari
Why would anyone buy an electric Ferrari that doesn’t even look right. Kinda ruins the whole thing.
I saw the headline and I’m like… $8bn?? Over an EV? I mean I get it’s supposed to be iconic but stocks always swing anyway. Also “five-door” sounds like a family car not a supercar lol.
They keep saying it “looks nothing like a Ferrari” but isn’t that subjective? If it drives good who cares? The article says range concerns been building too, so maybe it’s not just looks, but people are acting like Enzo is personally offended. Next thing you know the Pope is mad because it’s not a proper V12 or something.
Wait so the Pope is like… saving them?? I don’t think that’s how markets work. Also I heard Ferrari should’ve made it more like Lamborghini, because Lamborghini already stopped EV plans (or something). Either way I blame the electric hype, like everyone decided they have to do EVs and then surprise, not enough people want it.