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So much for that. Ferrari unveiled its first electric car, and it’s sputtering out of the gate.
The Italian sports car maker rolled out the Luce, a $640,000 four-door EV designed in part by ex-Apple design legend Jony Ive’s firm LoveFrom. Ferrari CEO Benedetto Vigna called it a “Leapfrog moment” in the company’s nearly 80-year history, according to The New York Times. But Wall Street wasn’t buying it: the stock has fallen 8% since Monday’s launch as analysts questioned whether the EV gamble would damage the iconic brand.
The backlash has been brutal. Memes compared the Luce’s bubble-shaped exterior to a Nissan Leaf, with one popular post showing it upside down, charging via iPhone cable. Luca di Montezemolo, Ferrari’s former chairman, warned of “the destruction of a legend.” Ferrari’s stumble fits a broader pattern: Lamborghini killed its $500,000 electric supercar, Sony and Honda scrapped their $90,000 Afeela, and Mercedes-Benz and Porsche have scaled back their electric ambitions. Ferrari already cut its 2030 EV target from 40% to 20% of its lineup.