Ferrari (RACE) shares dropped 6.27% in Milan trading on Tuesday, falling to €290.55 and wiping out roughly £3 billion in market cap a day after Maranello unveiled the Luce, its first all-electric car.
The reaction online was overwhelmingly negative — the design got compared to a Honda Accord, an Apple Store minivan, and a luxury toaster. Investors clearly took the temperature of the internet and ran. But we’ve seen this exact movie before — when Ford put the Mustang badge on an electric SUV.
A Mustang Mach-E moment for Maranello
When Ford unveiled the Mustang Mach-E in November 2019 at the LA Auto Show, the reaction from Mustang loyalists was savage. The script was almost identical to what we’re reading about the Luce today:
“A Mustang can’t be electric.”
