Montezemolo Slams Ferrari Luce EV: 'Remove the Prancing Horse'

The debut of the Ferrari Luce on May 25, 2026, was supposed to be a triumphant leap into the electric age for Maranello. Instead, it triggered an immediate controversy that combined a savage critique from one of the company's most iconic leaders with a multi-billion-euro sell-off on the stock market.

On May 26, Luca Cordero di Montezemolo, Ferrari's president from 1991 to 2014, was asked for his opinion at the Confindustria assembly in Rome . His response was a blunt, three-part condemnation that quickly overshadowed the vehicle's technical achievements.

Montezemolo's Three-Part Critique

Montezemolo, widely credited with leading Ferrari through a golden era of 19 Formula 1 world titles, did not hold back. His criticism centered on brand identity rather than performance figures .

First, he questioned the car's impact on Ferrari's legacy. "If I said everything I thought, I would hurt Ferrari. There is a risk of destroying a myth, and I am very sorry," he told reporters . This warning about "the destruction of a myth" framed the Luce not as a technological milestone but as an existential threat to the brand's soul.

Second, he directly attacked the car's right to carry the Prancing Horse emblem. "I hope they at least take the Cavallino (prancing horse badge) off that car," he said, arguing the Luce is unworthy of Ferrari's most sacred symbol . For a former chairman to demand the removal of the company's logo from a new product is an extraordinary public rebuke.

Finally, he delivered a sarcastic jab that underscored his disdain for the design. "At least the Chinese won't be able to copy this one," he remarked, implying the vehicle's aesthetic was not desirable enough to be counterfeited by Chinese competitors known for copying luxury car designs .

The Market's Verdict: An 8.37% Plunge

The investor reaction was equally brutal. On the first trading day after the unveiling, Ferrari shares (RACE) closed down 8.37% on the Milan Stock Exchange, ending the session at €284.05 . On the New York Stock Exchange, the stock traded approximately 5.1% lower .

The sell-off was severe enough to wipe an estimated £3–4 billion (€3.5–4.7 billion) off Ferrari's market capitalization in a single day . Analysts pointed to a crisis of confidence in the company's strategy. Pierre-Olivier Essig, head of research at AIR Capital, wrote that the car looked like a "mix between a Honda Accord EV and Tesla 3," adding, "We are lost in translation with Ferrari's new strategy" .

Fabio Caldato, a portfolio manager at AcomeA Sgr which holds Ferrari shares, told Reuters that the market reaction reflected a convergence of negative sentiment. "Ferrari is currently being penalized due to aesthetic disappointment, following significant concerns regarding the expansion of the EV market in the luxury segment," he said .

Online reception was overwhelmingly negative, with social media users comparing the €550,000 vehicle to mass-market cars like a Honda Accord, a Nissan Leaf, and an "Apple Store minivan" .

Ferrari Luce: Key Specifications and Details

Despite the controversy, the Luce is a significant engineering achievement. It is built on a dedicated electric platform developed entirely in Maranello, carrying over 60 new patents .

The vehicle is a radical departure from Ferrari's traditional two-door sports car silhouette. It is a four-door, five-seat grand tourer with a shooting brake-style profile . The powertrain consists of four permanent-magnet synchronous electric motors—one for each wheel—providing all-wheel drive and a total output of approximately 1,050 hp, though some sources cite figures between 1,035 and 1,113 hp .

Power is stored in a 122 kWh battery pack operating on an 800-volt architecture, enabling 350 kW DC fast charging . Ferrari claims a WLTP range of approximately 530 km (330 miles), though the more realistic EPA estimate is expected to be closer to 280 miles . The car accelerates from 0-62 mph in about 2.5 seconds, despite a significant curb weight of 2,260 kg .

The interior was designed in collaboration with Jony Ive, the famed former Apple design chief, through his creative collective LoveFrom. The firm was responsible for both the interior and exterior design, a collaboration that proved particularly polarizing .

Pricing and Delivery Timeline

Ferrari has positioned the Luce at the very top of its range. The base price is set at €550,000 in Europe, which converts to roughly $640,000 in the U.S. market . UK pricing starts at approximately £500,000 before options . The vehicle comes with an 8-year, unlimited-mileage powertrain warranty .

Orders are open immediately following the launch, with European deliveries scheduled to begin in October 2026. U.S. customers will begin receiving their vehicles in the second quarter of 2027 .

The Broader Context: A Scaled-Back EV Strategy

The Luce's troubled reception is the latest chapter in Ferrari's cautious and often rocky electrification journey. The company originally announced an ambitious EV roadmap in 2022, targeting fully electric models to constitute 40% of its lineup by 2030, with the first EV to be launched in 2025 .

By October 2025, that ambition had been dramatically scaled back. At its Capital Markets Day, Ferrari's new official 2030 strategy shifted to a product mix of 40% internal combustion engines, 40% hybrids, and just 20% fully electric vehicles . The initial 2025 launch target had also slipped, with the car now arriving in mid-2026 as the Luce .

The announcement of this cut in EV ambitions triggered a separate major financial event: a 14% single-day drop in Ferrari's stock price in October 2025 .

Under the leadership of CEO Benedetto Vigna, Ferrari maintains that it will continue to launch an average of four new models per year between 2026 and 2030, but the roadmap now shows a much more measured approach to battery-electric vehicles, with the second planned EV reportedly delayed to at least 2028 .