Ferrari shares drop 8% as €550k Luce EV draws criticism

What happened to Ferrari stock after the Luce reveal

Ferrari NV shares sold off sharply after the company unveiled its first fully electric vehicle, the Luce, in Rome. The market reaction followed criticism focused less on performance and more on how the car looks and what it signals for the brand’s future. Commentators described the selloff as a setback for Ferrari’s controversial push into EVs. The Luce is a four-door, five-seater, a body style that also became a focal point of the debate around Ferrari’s identity.

In early Milan trading, the stock fell as much as 7.8% before paring some losses. At 10:57 a.m., it was reported 6.4% lower, marking the biggest decline since October. Separate updates described the fall as as much as 8.4% in Milan and about 5.1% in New York after the reveal.

The Rome presentation capped a three-step unveiling

The share-price drop followed a Sunday presentation in Rome, described as the final stage of a three-step reveal. That process began last year with Ferrari showing the car’s core technology and later its interior. The Rome event put the complete product into public view, and that is when reactions to the exterior design intensified.

Ferrari framed the launch as the start of a “new chapter” for the company. But the immediate trading response suggested investors were focused on risks around execution and positioning, rather than the symbolic milestone of releasing a first fully electric model.

What critics and social media disliked about the Luce design

Reports said reactions from industry analysts and social media influencers were largely negative. Some compared the Luce’s design to mass-market EVs, which is a sensitive comparison for a brand that prices exclusivity and emotional appeal at a premium. Online commentary included unflattering comparisons such as a Honda Accord, an “Apple Store minivan,” and a “luxury toaster.”

The criticism was framed as “aesthetic disappointment” and as a question of whether an electric, practical layout fits Ferrari’s brand image. That perception mattered because the launch was highly anticipated and the stock had run up ahead of the event.

Why investors were worried despite strong specs

Multiple accounts said the selloff was not driven by underwhelming specifications. Instead, investors appeared concerned about execution risk as Ferrari shifts from combustion engines to electric drivetrains. Commentary also pointed to fear that electrification could dilute Ferrari’s traditional identity built around classic design, raw combustion-engine power, and the iconic engine sound.

Another concern raised was the cost side of the transition. EV programmes typically require heavy research and development spending, and one strategist cited worries that high EV R&D costs could put pressure on the brand to recoup investment.

Luce price and positioning: premium car, new category

Ferrari priced the Luce at about €550,000 (around $140,000), with commentary also describing it as starting just above half a million euros. The car is also notable as Ferrari’s first five-seater in modern history, adding to questions about whether practicality and electrification can coexist with the marque’s established image.

The Luce was designed with help from former Apple designer Sir Jony Ive and his LoveFrom collective, according to one account. That association added to the public attention around the design, making the critical reaction more visible.

Performance claims: acceleration, speed, range

Performance numbers mentioned alongside the launch were strong by EV standards. The Luce uses four separate motors, described as an electric engine on each wheel in one report, producing over 1,000 horsepower. It can go from 0 to 100 km/h in 2.5 seconds, with a top speed of over 310 km/h.

Range was reported at 530 km, and elsewhere as more than 500 kilometres on a single charge. These figures were cited as reasons some analysts viewed the vehicle as competitive on engineering, even as aesthetics and brand fit became the market’s dominant debate.

Market impact: how far the stock fell and what was wiped out

Ferrari shares fell €19.25 per share in one session, dropping 6.21% to €290.75 on Euronext Milan. Another update pegged the drop at 6.27% to €290.55 in Milan trading. A Reuters-style summary later said Ferrari closed down 8.37% on Piazza Affari.

The move was also described as wiping out roughly £3 billion in market capitalisation. Over a longer window, the stock was reported down nearly 27% over the last 12 months.

Key figures at a glance

Strategy questions: “travel and arrive” and the run-up before launch

Commentary linked the selloff to a classic “travel and arrive” dynamic, where a stock rallies into an event and then falls when the event lands without new upside surprises. Several mentions suggested the shares had run up ahead of the launch, leaving less room for gains once the product was public.

That framing also fits with the split in reactions: strong performance claims on paper, but uncertainty around how Ferrari’s customer base responds to an EV that changes both the sound and the shape of what a Ferrari can be.

China angle and competition in the EV market

A broadcast segment discussing the launch said Ferrari wants to bring the Luce to the Chinese market, where EV competition is intense. It also mentioned Ferrari has been losing sales in China. Some analysts in that discussion suggested a high-performance EV could be a good fit for China, even if brand traditionalists in other markets are sceptical.

What to watch next: deliveries and the next steps

Deliveries for the Luce were reported to start in the fourth quarter of 2026. Between now and then, investors are likely to focus on how Ferrari manages product positioning, costs, and demand signals as the company expands into electric models.

The key near-term reference points from the information available are the market’s immediate response to the design and the timeline to production deliveries.

Conclusion

Ferrari’s first all-electric Luce triggered an unusually sharp stock drop, with criticism centred on design and brand fit rather than performance specifications. The company has positioned the model as a major strategic shift, and deliveries are expected to begin in Q4 2026.