Image Courtesy: Ferrari.comThe electric vehicle route is a tough path for several automakers to traverse, and many have already given up the idea of relying on just EV sales in the future to survive in the market.Porsche and Honda are two examples of many brands that jumped into the EV world with a lot of excitement, thinking of a greener future. However, they faced losses worth billions in just a few years, mainly due to insufficient demand for EVs.Performance car manufacturers like Mercedes-AMG and Ferrari are now trying their luck at offering performance EVs to customers. However, it remains to be seen if they can achieve the desired sales targets.AdvertisementAdvertisementFor Ferrari, though, which unveiled Luce yesterday, its first electric car, the start hasn't been positive in any way, considering the backlash it faced for the way the car looks, and a $5 billion stock shock it experienced in just a few hours. The Stock Market Did Not Welcome the Ferrari LuceImage Courtesy: Ferrari.comAccording to a report by CarWow, Ferrari's share value increased over the last week as the day for Luce's unveiling neared. Stocks showed a high of £266 ($358) at the close of the markets on Monday, May 25.On Tuesday, the value dropped by 6% when the markets opened after Luce's official unveiling, nosediving to £250 ($336) in no time. Hours later, the value struck a low of £245 ($329).The drop erased roughly £4 billion ($5.38 billion) in value overnight, pushing Ferrari’s valuation back to where it was about five days earlier.AdvertisementAdvertisementThis could be due to the nature and personality of the Luce, because it is in no way an aggressive-looking, sleek, and aero-loaded Ferrari that people have been accustomed to seeing.Assuming the drop happened simply because Ferrari launched an EV would not be correct, because in October 2025, the company saw a 15% drop in value after announcing a 2030 plan with a less ambitious EV development program, which raised questions about Ferrari's long-term sustainability.Ferrari's Former Boss Reveals Displeasure About LuceNot only car enthusiasts, but even Ferrari's former president, Luca Cordero di Montezemolo, has voiced his displeasure with the Luce after the covers were taken off yesterday. Videos of di Montezemolo criticizing the EV went viral on social media.He was the brand's president between 1991 and 2010, and was elected chairman of Fiat and Ferrari. He said:AdvertisementAdvertisement“If I were to say what I really think, it would be unpleasant, so l prefer not to comment. I just hope someone removes the Prancing Horse from that car. We risk destroying a legend, which saddens me greatly. At least this is a car the Chinese won’t copy.” [Translated text]Apart from di Montezemolo, Fabio Caldato, portfolio manager at AcomeA SGR, which owns Ferrari shares, was quick to say that the drop in Ferrari's share value was the result of the new design philosophy and its decision to include EVs in its lineup. He told Reuters: "Ferrari is currently being penalised for an aesthetic disappointment, which follows the significant concerns over the expansion of its range to include electric models."However, Ferrari's different approach is aimed at widening its target market to include tech entrepreneurs. Caldato hopes this strategy works. He added:AdvertisementAdvertisement"We remain rational and assume that this new product might appeal to a niche market of customers."The Italian Deputy Prime Minister and Transport Minister Matteo Salvini did not hold back from calling out Ferrari's latest creation. He wrote on X:"Electric, outrageously expensive (550 thousand euros!) and, from an aesthetic point of view, it speaks for itself... It looks like anything but a car from the Prancing Horse. And this is supposed to be “innovation”? Who knows what Enzo Ferrari would say..." [Translated text]Elettrica, costosissima (550 mila euro!) e, dal punto di vista estetico, si commenta da sola... Sembra tutto fuorché un'auto del Cavallino. E questa sarebbe “innovazione”? Chissà Enzo Ferrari cosa direbbe... pic.twitter.com/zITSlz1a9j— Matteo Salvini (@matteosalvinimi) May 26, 2026Ferrari Luce Performance Stats and CostThe Ferrari Luce is priced at around $640,000 and is available to order globally. Although it looks different from a traditional Ferrari, it still goes like one. The EV's performance figures are listed below:AdvertisementAdvertisementBattery Capacity: 122 kWhArchitecture: 800-volt systemMotors: Four independent electric motors (one on each wheel)Horsepower: 1,050 cv (1,035 bhp/1,049 hp)Torque: 990 Nm (Motor Shaft)Acceleration: 0-60 mph in 2.5 secondsTop Speed: Exceeds 193 mph
