“An Ugly Disappointment” for €550,000: How Ferrari’s First Electric Car Enraged Fans and Sent Shockwaves Through the Market

Online commentators have already branded the new model, named Luce (designed with the involvement of former Apple chief designer Sir Jony Ive), as an “insult to the brand” and an “ugly disappointment.” Following the reaction, Ferrari shares in Milan reportedly fell by nearly 8% during Tuesday trading.

A “Polarizing” First EV

Ferrari management had warned in advance that the design of its first five-seat sports EV — with a 530 km range — would be intentionally polarizing. CEO Benedetto Vigna summarized the philosophy bluntly: “People are always afraid of anything new.”

A “Glass House” from Apple Alumni

The Luce project was developed by LoveFrom, the design firm founded by Jony Ive in 2019 together with long-time collaborator industrial designer Marc Newson.

The vehicle looks unlike any previous Ferrari model. It features a futuristic capsule-like body, often compared to a fully glass greenhouse. “This is a Ferrari of a completely different kind, right? That was the whole idea,” said Newson in an interview with the Financial Times, admitting he felt both “awe and anxiety” about public reaction.

The controversy mirrors recent backlash surrounding the rebranding of Jaguar Land Rover, which shifted Jaguar toward an all-electric identity while removing its iconic leaping-cat emblem.

From Traditional Fans to Silicon Valley Buyers

Analysts say the initial negative reaction was predictable. Ferrari’s challenge now is to fill its order book with the target audience it designed the car for.

According to Bernstein analyst Stephen Reitman, there are enough collectors, perfectionists, and new customers to establish Luce within Ferrari’s lineup.

Ferrari executives have openly stated they are no longer designing exclusively for traditional hardcore fans. Instead, they are targeting buyers already accustomed to electric vehicles — particularly tech entrepreneurs.

Notably, half of the guests invited to the car’s three-day launch event had never owned a Ferrari before, compared to the usual 10–20% for new models. For the first time, Ferrari has also placed new customers on equal priority with long-standing VIP clients.

The Financial Bet

The starting price of Luce in Italy is €550,000, making it the most expensive non-limited model in Ferrari’s lineup (by comparison, the Purosangue SUV starts at around €450,000).

Independent analyst Scott Sherwood noted: “In Ferrari’s calculations, whether existing owners like Luce or not doesn’t matter. Their target is Silicon Valley tech entrepreneurs. If the car succeeds there and fills the order book, management will be satisfied.”

CEO Benedetto Vigna emphasized that Ferrari’s expansion into electric vehicles will not damage its industry-leading 30% operating margin, as Luce will be produced in limited volumes.

By 2030, Ferrari aims for EVs to account for 20% of sales — half of its original target. “We have invested heavily in this project, but we’ve also ensured the car remains profitable. I am not afraid of the market reaction,” Vigna concluded.