On a dark day for the luxury automotive industry, the financial market has sent a devastating message to the top brass of Maranello. Ferrari's shares plummeted by up to 6.3% on the Milan Stock Exchange this Tuesday, immediately after the official presentation of the Luce, the company's first fully electric vehicle.
The debacle was not limited to Europe, as shares in the United States fell by 3% before the opening, accumulating a loss of value exceeding 31% over the last twelve months. According to Oddo BHF analyst Anthony Dick, the response has been blunt: “The market has spoken”.
This staggering drop is due to the company's betrayal of its own identity in trying to pursue a green agenda. The Ferrari Luce —whose name means “light”— is presented as a five-seater sedan measuring 5.02 meters long, breaking away from the classic sporty silhouette to adopt a four-door sedan style that many consider ugly.
With a starting price of 550,000 euros (approximately 640,000 dollars), the vehicle was designed by the LoveFrom collective of former Apple design chief Jony Ive, resulting in an aesthetic that, according to critics and analysts, resembles more a Chinese supercar than a piece of Italian engineering.
Indignation has reached the highest echelons of the brand's history. Luca Cordero di Montezemolo, former president of Ferrari and a key figure in its resurgence in the 90s, was categorical in his rejection of this imposition of automotive progressivism: “A myth is being destroyed. I am very sorry”.
