Ferrari faced an immediate market backlash after the unveiling of the Luce, its first fully electric vehicle. Shares dropped nearly 8 percent in early Milan trading as analysts and enthusiasts expressed disappointment with the design and its shift away from the brand’s traditional sports car heritage.

The Luce is a four-door five-seater priced from €550,000. It deploys four electric motors for over 1,035 hp, achieving acceleration from 0 to 100 kph in 2.5 seconds and a top speed of 310 kph. A 122 kWh battery delivers an estimated range exceeding 530 kilometers. Yet the minimalist styling, influenced by former Apple designer Jony Ive, has drawn sharp criticism for looking too mainstream.

Pierre-Olivier Essig, head of research at AIR Capital, wrote in a note that the car looks like a “mix between a Honda Accord EV and Tesla 3”.

The stock recovered slightly but remained down over 6 percent, reducing value from the roughly €53 billion market capitalization. This debut tests Ferrari’s electrification approach as it targets new buyers while aiming to retain exclusivity. Deliveries are set to begin in 2027.