Ex-Chairman Warns €550,000 Luce EV Could 'Destroy a Legend' as Shares Slide 6%
RACE•Former Ferrari chairman Luca di Montezemolo warned that the new Luce EV, priced at €550,000 and delivering over 1,000 horsepower, risks “destroying a legend.” Following his remarks, shares plunged 6%, erasing €3 billion before CEO Benedetto Vigna defended its 122 kWh battery and 500 km range.
1. Montezemolo Raises Warning
Former chairman Luca di Montezemolo said that the Luce EV, priced at €550,000 and boasting over 1,000 horsepower, risks “the destruction of a legend” and suggested removing the prancing horse badge, quipping that at least it won’t be copied in China.
2. Market Reaction
Shares fell more than 6% in Milan trading, erasing roughly €3 billion in market capitalization and dipping in U.S. pre-market activity, reflecting investor skepticism toward Ferrari’s electric pivot compared with broader sports-equity trends.
3. CEO Defends Luce Project
CEO Benedetto Vigna stated that the Luce represents five years of deliberate work blending innovation with tradition, arguing that breakthrough ideas rarely emerge from immediate consensus and expressing profound pride in the team’s achievement.
4. Luce EV Design and Technical Details
The five-seat Luce, designed by LoveFrom studio of former Apple CDO Jony Ive, features four electric motors, tops 310 kph, claims over 500 km range on a 122 kWh battery, and is backed by more than 60 related patents; deliveries start in Q4 2026.
