Shares in Ferrari $RACE tumbled as much as 7.8% in Milan on Tuesday, their steepest drop since October, after the Italian carmaker took the wraps off the Luce, its debut fully electric model, at an event in Rome. By midday in London the losses had moderated to roughly 6.5%, per CNBC, while Bloomberg noted the session represented the worst single-day performance for the stock since October.
Tagged at €550,000 — about $640,000 — the Luce is a four-door model accommodating five passengers, and Ferrari expects to start handing cars over to buyers before the end of 2026. Each of the four wheels draws power from its own dedicated electric motor, with the combined system generating just over 1,050 horsepower. Ferrari claims the Luce sprints from standstill to 100 kph in 2.5 seconds, is governed to a top speed above 310 kph, and can travel more than 530 kilometers on a full charge. The design was handled by LoveFrom, the creative collective co-founded by former Apple $AAPL design chief Jony Ive and designer Marc Newson.
Observers both inside and outside the industry greeted the Luce with skepticism, according to Bloomberg, with a recurring criticism being that the car's styling evoked mainstream, affordable electric vehicles rather than a six-figure supercar. In a research note cited by Bloomberg, AIR Capital's head of research Pierre-Olivier Essig wrote that the car resembled a "mix between a Honda $HMC Accord EV and Tesla $TSLA 3," concluding that his firm was "lost in translation with Ferrari's new strategy." Anthony Dick, an auto analyst at Oddo BHF, called it "by far the sharpest reaction we've seen for a car design," according to CNBC.
