Ferrari incurs massive losses as the debut of its electric vehicle provokes criticism.

      Ferrari has faced a significant wave of backlash and a substantial stock market decline following the unveiling of its controversial new electric luxury vehicle, the Ferrari Luce. The all-electric four-door model, developed with contributions from former Apple designer Jony Ive, was introduced by the brand’s Formula 1 stars, Lewis Hamilton and Charles Leclerc. However, the response from both the online community and financial markets has been harsh. Reports indicate that Ferrari's stocks fell between 6 and 8 percent after the announcement, erasing around 4-5 billion euros from the company's market capitalization in just a few hours.

      The Luce begins at a price of 550,000 euros in Italy, making it Ferrari's priciest non-supercar production vehicle. Detractors argue that the issue lies not only in Ferrari launching an electric vehicle but also in the design and concept, which may undermine the brand's identity centered on sound, performance, and racing heritage. Former Ferrari president Luca di Montezemolo expressed his outrage, stating, "We risk destroying a legend, and I’m truly sorry about that," during an event organized by the Italian business group Confidustria. The 78-year-old further criticized the design, remarking, "I hope they at least remove the prancing horse from that car," a comment that quickly circulated through Italian media.

      Montezemolo also ridiculed the design itself, claiming, "It is certainly a car that at least the Chinese won’t copy," a sentiment shared by Alpine advisor and fellow Italian Flavio Briatore who said, "I looked at the Ferrari Luce, and this electric car has one big advantage. The Chinese will definitely not copy this model." Montezemolo later appeared visibly emotional while sharing his thoughts on Ferrari’s future, stating, "If I said what I really think, I would harm Ferrari."

      In spite of the criticism, Ferrari CEO Benedetto Vigna staunchly defended the initiative. Before the launch, he asserted that he was "not scared" of the public’s reaction to this unconventional vehicle. Following the selloff, Vigna emphasized that the project had been financially planned with precision. "We put a lot of money into it," he remarked. "But we also worked to make this car profitable." Ferrari remains one of the manufacturers in Formula 1 reportedly opposing moves to simplify regulations focused on combustion engines from 2027 onward.