Ferrari’s First EV Sparks Backlash But Analysts See Overreaction

CNBC reported Thursday that Ferrari’s debut of its first fully electric vehicle triggered a sharp market sell-off and a wave of public criticism, though Wall Street analysts are urging investors not to panic over the Ferrari Luce EV launch.

A $640,000 Car That Divided Opinions Overnight

Ferrari CEO Benedetto Vigna described Monday’s Luce unveiling as marking “a new chapter” in the automaker’s history. The reaction was swift and largely hostile. Shares of the Milan-listed company fell more than 8% on Tuesday, the first trading session following the reveal. The Luce is priced at 550,000 euros, roughly $640,000, and marks Ferrari’s first five-seat production car.

Critics attacked the design almost immediately. Former Ferrari chairman Luca di Montezemolo, who led the company for decades before departing in 2014, called the car a disgrace to its heritage. He reportedly suggested Ferrari’s iconic prancing horse logo be removed from the vehicle entirely. Di Montezemolo now serves on the board of rival McLaren Group Holdings.

Italian Deputy Prime Minister and Transport Minister Matteo Salvini piled on, calling the car “outrageously expensive” and questioning whether it looked anything like a Ferrari at all.

Echoes of the Purosangue Controversy

Wall Street was more measured. Analysts at RBC Capital Markets acknowledged investor concerns that the Luce’s aerodynamic-focused design could weigh on residual values over time. However, they drew a direct parallel to Ferrari’s Purosangue launch in 2022.

The Purosangue drew similar alarm when unveiled. It appeared to contradict Ferrari’s long-standing refusal to build an SUV, so much so that the company rebranded it an “FUV,” or Ferrari Utility Vehicle. It has since become one of the brand’s top-selling models, with demand outstripping supply.

RBC noted that Ferrari may deliberately cap Luce production volumes to preserve exclusivity. The bank added that early demand figures would be a key metric for investors to watch, and flagged potential appetite from Chinese buyers.

Design by a Former Apple Icon

The Luce’s styling comes from LoveFrom, the creative agency founded by former Apple design chief Jony Ive. Ferrari confirmed it will manufacture all components in-house at its Maranello factory. Customer deliveries are scheduled to begin in the fourth quarter of this year.

Not all industry voices were hostile. William Li, CEO of Chinese electric vehicle maker Nio, told reporters in Beijing that Ferrari designs have historically led the market. He suggested the Luce’s character only becomes apparent in person.

Ferrari shares closed Wednesday marginally lower after a brief 2% bounce, leaving investors to weigh whether Monday’s criticism marks a genuine brand problem or simply the latest example of Ferrari fans crying foul before a new model proves itself on the road.

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