Ferrari's First EV, Luce, Sparks Controversy and Sends Shares Tumbling

On May 26, 2024, Ferrari officially unveiled the Luce, its first all-electric production car in the brand’s history. Designed under the leadership of former Apple chief designer Jony Ive and his LoveFrom team, the Luce features a four-door, five-seat layout—making it Ferrari’s second four-door model—and targets the premium family mobility segment. Priced from €550,000 in Italy (approximately RMB 4.35 million), deliveries are scheduled to begin in Q4 2026. The Luce is built on Ferrari’s proprietary, ground-up electric vehicle platform—not a converted internal combustion engine (ICE) platform—and has already secured over 60 technical patents. Its entire triad of electric powertrain components (battery, motor, and power electronics) was independently developed by Ferrari’s Maranello R&D center, with only the battery cells supplied by South Korea’s SK On. The battery pack integration and energy density (195 Wh/kg) are both proprietary achievements. Equipped with a quad-motor all-wheel-drive system, the Luce delivers a combined peak output exceeding 1,050 horsepower, accelerates from 0–100 km/h in 2.5 seconds, and reaches a top speed of 310 km/h. It features an 800V high-voltage architecture supporting 350 kW DC fast charging (10–80% in 15 minutes) and offers a WLTP-certified range of 530 km. To compensate for the loss of traditional driving ambiance inherent in electrification, the Luce introduces an electric sound system that captures and amplifies motor vibrations to create a unique acoustic signature. In terms of design, the Luce breaks away from Ferrari’s traditional two-door sports car silhouette, featuring a “glass house” cabin crafted from expansive Corning glass, complemented by a flying buttress C-pillar and suicide doors. Inside, it eschews the oversized touchscreen trend common among EVs, instead emphasizing physical interaction and minimalist aesthetics through aviation-grade aluminum, fine leather, and analog instrument dials. On the day of its unveiling, Ferrari’s shares listed in Milan plunged nearly 8% intraday before closing down 6%, while its U.S.-listed shares also dropped sharply in pre-market trading. Market reaction indicated skepticism from some enthusiasts, analysts, and investors, who criticized the car’s design direction for abandoning Ferrari’s iconic muscular lines, low-slung stance, track-focused character, and the mechanical tactility and acoustic drama of its combustion engines. Critics argued that its five-seat family-oriented positioning and understated, business-like styling could dilute the brand’s exclusivity and collectible value. According to Ferrari’s 2030 product roadmap, the brand aims for a portfolio split of 40% ICE, 40% hybrid, and 20% fully electric vehicles by that year. As the first product on its pure-electric pathway, the Luce carries the dual mission of pioneering Ferrari’s entry into the premium EV market and balancing legacy and emerging business streams. Financially, Ferrari reported net revenue of €7.146 billion in 2025 (up 7% year-over-year) and net profit of €1.6 billion (up 5% YoY), delivering 13,640 vehicles globally—a slight decline of 112 units compared to the prior year. Deliveries in China totaled 941 units, down 221 year-over-year, marking the first significant drop in the market. The luxury supercar segment is facing intensifying competition: Lamborghini has postponed full electrification to 2035 and halted its pure-electric GT project; Porsche has slowed development of the electric 718; Bentley and Rolls-Royce have also scaled back their EV R&D pace. Meanwhile, Tesla’s next-generation Roadster, Lotus Evija, Rimac Nevera, and Chinese brands such as Yangwang and Xiaomi are all planning entries into the sports car market. Against this backdrop, the Luce’s market performance is widely seen as a critical factor influencing Ferrari’s brand equity and future profitability.