Ferrari Ex-Chairman Warns New Luce EV Risks ‘Destruction of a Legend’

Former Ferrari chairman Luca di Montezemolo warned that the brand’s first all-electric car risks “the destruction of a legend,” adding sarcastically that at least the Chinese would not copy it.

The Luce, unveiled in Rome on May 25, is priced at €550,000 and produces over 1,000 horsepower from four electric motors. Deliveries begin in the fourth quarter of 2026.

A Public Verdict from Ferrari’s Former Boss

Montezemolo spoke on the sidelines of a business conference in Rome. He initially told Italian media that sharing his view publicly would harm Ferrari. Then he shared it anyway.

“Yes, we risk the destruction of a legend,” Luca di Montezemolo, former Ferrari chairman said.

He went further, calling for the prancing horse logo to be removed from the car. Meanwhile, online reaction tracked the same skepticism, with Luce’s design compared to a Honda Accord and a luxury kitchen appliance.

Ferrari’s RACE shares fell more than 6% in Milan trading, wiping roughly €3 billion in market capitalization. The stock also declined in US pre-market trading.

Vigna Stands Behind the Vision

CEO Benedetto Vigna framed the Luce as the product of five years of deliberate work. He /iframe>" target="_blank" rel="noreferrer noopener nofollow">rejected the premise that breakthrough ideas emerge from broad agreement.

“Real innovation is not democratic. Breakthrough ideas rarely emerge from immediate consensus,” Benedetto Vigna, Ferrari CEO said.

He added that balancing courage with responsibility and tradition with innovation has defined the project from the start. Vigna said he is “profoundly proud” of what the team built.

The Luce was designed by LoveFrom, the studio of former Apple chief design officer Jony Ive. Ferrari filed more than 60 patents connected to the vehicle.

The car seats five people, tops 310 kph, and claims a range exceeding 500 kilometres on a 122kWh battery.

The RACE slide contrasted with broader sports-equity trends. FIFA World Cup stocks have drawn fresh attention heading into summer 2026, showing how established sports exposure can offer more predictable ground than a luxury brand’s electric pivot.

A Wider Moment of Investor Caution

Ferrari was not the only brand facing similar investor skepticism this week. The Peter Thiel-backed Enhanced Games saw its stock drop roughly 50% following a disappointing Las Vegas debut.

However, SpaceX’s IPO filing posted a $4.28 billion Q1 loss yet attracted record investor interest, showing markets are divided on how to value ambitious pivots.

Ferrari confirmed it will continue producing combustion-engine models alongside the Luce. The long-term investor case for its electric shift now rests on whether Q4 deliveries can convert early attention into sustained demand.