Ex-Ferrari Chair Says Luce EV Risks ‘Destroying a Legend’

Luca di Montezemolo, former Ferrari chairman, warned the Luce electric model risks “the destruction of a legend” at a business conference in Rome. The comment followed the car’s public unveiling in the city on May 25 and preceded a more than 6% drop in Ferrari shares in Milan.

Montezemolo suggested the prancing horse badge should be removed from the Luce and said he had earlier told Italian media he would avoid speaking publicly because it could harm Ferrari. He made the remarks on the sidelines of the conference.

The stock, traded under the ticker RACE, lost over 6% in Milan trading and erased about €3 billion of market value. Shares also declined in U.S. pre-market trading.

Ferrari plans to begin deliveries of the Luce, its first all-electric model, in the fourth quarter of 2026. The company confirmed it will continue to produce combustion-engine models alongside electric cars.

Ferrari released technical specifications describing the Luce as a five-seat vehicle powered by four electric motors that produce more than 1,000 horsepower. The car has a reported top speed of 310 kph and a claimed range of more than 500 kilometers from a 122 kWh battery. The listed price is €550,000.

Design work was led by LoveFrom, the studio founded by former Apple design chief Jony Ive. Ferrari has filed more than 60 patents connected to the vehicle.

Ferrari CEO Benedetto Vigna described the Luce as the result of five years of work, saying the project balanced “courage with responsibility and tradition with innovation.” He added, “Real innovation is not democratic. Breakthrough ideas rarely emerge from immediate consensus,” and called himself “profoundly proud” of the team.

Analysts say the coming quarters, in particular early customer feedback and the pace of deliveries, will influence how the market assesses demand for the Luce.

Online reaction included comparisons of the Luce’s styling to a Honda Accord and to a luxury kitchen appliance.