“If I were to say what I think, I would harm Ferrari. There is a risk of destroying a myth and I am very sorry. At least remove the prancing horse,” said Luca Cordero di Montezemolo, speaking to journalists on the sidelines of the Confindustria assembly. Asked what should be done about Chinese competition, Montezemolo said: “it is at least a car that the Chinese will not copy.”
Nothing really surprising, since Montezemolo never had much rapport with John Elkann, as can be inferred from years and years of reading the chronicles of Milano Finanza, founded and directed by Paolo Panerai, a longtime good friend of Montezemolo. After all, Montezemolo was indeed cut off from Ferrari during the Marchionne era but with the implicit, silent consent of Elkann.
But the harsh criticisms from Ferrari’s former number one about the Maranello company’s electric car are not an isolated voice, quite the opposite. So much so that even investors at Piazza Affari have somewhat grumbled.
STOCK MARKET PLUNGE FOR FERRARI SHARES
Ferrari shares suffered a heavy drop in the stock market, in fact, after yesterday’s presentation of “Luce,” the awaited and innovative sports car from the Maranello company, which opens a new chapter in the history of the Prancing Horse.
DETAILS ON FERRARI LUCE
This is Ferrari’s first fully electric car and represents a high-risk turning point for the Italian car manufacturer. The car has four electric motors – one per wheel – that help deliver over 1,000 horsepower, a top speed exceeding 310 km/h, and greater agility for a car that weighs more than 2.2 tons, while the range is over 500 kilometers. Ferrari hopes that Luce will allow it to further expand into markets like China, where electric vehicles are already widespread and large gasoline cars are heavily taxed, according to the group’s intentions summarized by Teleborsa.
ELKANN’S WORDS
“This new model passes on to the future the values that make Ferrari immediately recognizable worldwide,” said chairman John Elkann, presenting the car to the President of the Italian Republic, Sergio Mattarella, at the Quirinale Palace. However, investors and enthusiasts do not seem to have immediately recognized these values, with some features of the model seeming too distant from Ferrari’s DNA.
GRUMBLING AND CRITICISMS
What has raised many eyebrows in the initial comments after the presentation is especially the design, created together with the LoveFrom design collective of Sir Jony Ive and Marc Newson, as emerges from this in-depth analysis by Start Magazine. The car’s silhouette is defined by the glass house, a uncompromising shape similar to that of a shell.
WHAT EQUITA ANALYSTS SAY
The first deliveries will take place in the fourth quarter of 2026 and, as of now, no indication has been given on expected volumes, as this is not a limited-run model. The starting retail price is 550 thousand euros, higher than the group’s average selling price which in 2025 was around 440 thousand euros (calculated on car & spare parts revenue), note the analysts at Equita. “We do not believe that the volumes of this model will be decisive in influencing the group’s results, but since this is a first model with a new powertrain it is important to preserve the image of quality and performance,” they write in a note.
Meanwhile, according to an article by Teleborsa, today’s session is the worst since the Capital Markets Day in October. Gabriel Debach, market analyst at eToro, talks about “an interesting contrast, because in February, when Luce was previewed, the stock gained almost 10% in a single session. Back then there was enthusiasm for the strategic direction. Today doubts about execution emerge.” According to Debach the real issue seems to be the design, not so much the engine or technology, but on this point “it is worth making a distinction that the day’s enthusiasm tends to overshadow: an aesthetically divisive product is not necessarily a wrong product. The Purosangue divided opinion at its presentation, with strong criticism about breaking with Ferrari’s DNA. Then it sold out.”
