Image Courtesy: Reuters
Ferrari’s stock fell sharply after the company unveiled its first fully electric vehicle, a high-performance luxury EV called the Luce that immediately divided fans and investors over its unusually minimalist design.
The $640,000 electric grand tourer was developed with input from legendary former Apple designer Jony Ive and features a more understated, saloon-inspired appearance compared to Ferrari’s traditionally aggressive petrol-powered supercars. The company says the Luce delivers 329 miles of range, accelerates from 0 to 100 km/h in 2.5 seconds, and reaches speeds above 310 km/h.
Despite the impressive specifications, investors appeared unconvinced. Ferrari shares dropped as much as 8% during trading in Milan before recovering slightly, signaling concerns that the company’s first EV may stray too far from the identity that made Ferrari one of the world’s most iconic luxury performance brands.
The Luce marks a major departure for the Italian automaker in more ways than one. It is Ferrari’s first five-seat vehicle and only its second four-door model after the Purosangue SUV. That positioning suggests Ferrari is targeting ultra-wealthy families and luxury touring buyers rather than traditional supercar purists.
Ferrari executives framed the EV as a deliberate reinvention rather than a continuation of existing models. CEO Benedetto Vigna described the project as a bold technological challenge designed to create an “entirely new Ferrari” for the electric era.
Not everyone was convinced by the transformation. Some analysts criticized the design for lacking Ferrari’s signature visual drama, with one investor note reportedly comparing the car to “a mix between a Honda Accord EV and Tesla 3.” Online reactions were similarly polarized, with some praising the clean futuristic styling while others argued it resembled a luxury crossover more than a Ferrari halo car.
The launch also highlights the increasingly complicated transition luxury automakers face as the industry moves toward electrification. Ferrari previously reduced its EV ambitions, now targeting a 2030 lineup made up of 40% combustion cars, 40% hybrids, and just 20% fully electric models. That marks a notable shift from earlier plans that envisioned EVs accounting for 40% of production by the end of the decade.
The partnership with Ive’s LoveFrom studio also adds broader tech industry significance to the project. Ive, best known for designing products like the iPhone and MacBook during his time at Apple, has increasingly expanded into automotive and AI-related projects, including ongoing work tied to OpenAI.
Ferrari has nevertheless tried to preserve some emotional connection to its combustion-engine heritage. The Luce includes amplified motor sounds played both inside and outside the vehicle, which Ferrari says are generated authentically from the electric motors themselves rather than artificial sound effects.
