Ex-Ferrari Chair Warns Luce EV Could ‘Destroy a Legend’

Luca di Montezemolo, Ferrari’s former chairman, warned on the sidelines of a Rome business conference that the new Luce all-electric model risks “the destruction of a legend.” His comments came after the €550,000 five-seat EV’s unveiling coincided with a drop of more than 6% in Ferrari NV shares in Milan, erasing roughly €3 billion in market capitalization.

The Luce was unveiled in Rome on May 25. The car is powered by four electric motors that together produce more than 1,000 horsepower. Ferrari lists a 122 kWh battery and a claimed range of over 500 kilometers, with a top speed of about 310 km/h and seating for five. Deliveries are scheduled to begin in the fourth quarter of 2026. The model was designed by LoveFrom, the studio of former Apple design chief Jony Ive, and Ferrari has filed more than 60 patents connected to the vehicle.

Montezemolo said he initially avoided public comment because he feared it could harm the brand, then urged that the prancing horse logo be removed from the car. Online reaction included comparisons of the Luce’s styling to a Honda Accord and to a luxury kitchen appliance.

Ferrari CEO Benedetto Vigna defended the project as the result of five years of focused work. He framed the decision as deliberate and added, “Real innovation is not democratic. Breakthrough ideas rarely emerge from immediate consensus.” Vigna also described himself as “profoundly proud” of the team’s work.

Market activity this week showed varied investor responses to high-profile product moments. Ferrari NV shares fell in U.S. pre-market trading after the Rome event. Separately, the Peter Thiel-backed Enhanced Games stock dropped about 50% following a disappointing Las Vegas debut, while SpaceX’s IPO filing reported a $4.28 billion first-quarter loss and drew strong investor interest.

Ferrari confirmed it will continue to produce combustion-engine models alongside the Luce. The company maintains the Luce’s deliveries are set to begin in the fourth quarter of 2026.