Ferrari (NYSE:RACE) shares fell 4.6% on Tuesday after the Italian automaker unveiled its first fully electric vehicle, the Luce, drawing criticism over its design and questions about the model's departure from the brand's identity.
The four-door Luce, whose name is Italian for "light," was developed in collaboration with former Apple design chief Jony Ive and his creative collective LoveFrom.
However, the Luce has already drawn criticism online, with consumers and observers faulting its design and what some have described as a deviation from the brand's ethos.
Ferrari CEO Benedetto Vigna sought to frame the launch as a “profound milestone” for the storied company. "With the Ferrari Luce, we did not simply adapt our DNA to new technology; we re-imagined the future from a completely blank canvas."
The launch comes as Ferrari's rivals are pulling back on electric ambitions. Porsche and Lamborghini have scaled back EV plans amid disappointing demand, while US automakers have also tempered their electric push in what remains the world's largest and most important luxury vehicle market.
Ferrari is betting its luxury brand cachet can overcome the broader slowdown in EV demand. Priced at €550,000 ($640,000), the five-seater is Ferrari's first family-oriented model, offering high-end technology, comfortable seating and a 600-liter trunk.
Deliveries are expected to begin in the fourth quarter of 2026. Ferrari said the vehicle has a range of over 500 kilometers.