Ferrari Shares Plunge 8% as Jony Ive's $640K Luce EV Divides Fans — Looks Like a Honda Accord

26 May 2026 | Milan, Maranello, London — Updated 16:30 GMT

The world's most valuable sportscar maker has unveiled its first electric vehicle — a sleek, minimalist four-door saloon designed by the former Apple design chief Jony Ive. The Luce, starting at $640,000, has a 329-mile range, five seats, and an artificial motor sound played through speakers. Ferrari's share price dropped as much as 8% in Milan trading.

Some analysts are questioning whether the Luce lives up to Ferrari's legendary sportscar heritage. One described it as a "mix between a Honda Accord EV and a Tesla Model 3." Others see a bold step into an electrified future. Ferrari's CEO insists the company is demonstrating leadership by "daring to take on the challenge of new technologies."

Investors remain uncertain. The car that Enzo Ferrari built is entering a new era — and the road ahead is far from smooth.

MILAN/MARANELLO – Ferrari's share price tumbled on Tuesday after the legendary Italian sportscar manufacturer unveiled its long-awaited first electric vehicle, the Luce, featuring a minimalist design created by former Apple design chief Jony Ive that has immediately divided investors and analysts.

The Luce, starting at $640,000 (£545,000), represents a dramatic departure from Ferrari's celebrated petrol-powered sportscars. The company said the vehicle has a range of 329 miles (530km) thanks to its 122 kilowatt-hour battery capacity, with four motors that can accelerate from 0 to 100km/h in 2.5 seconds and a top speed exceeding 310km/h (193mph).

However, the saloon-like design — the first Ferrari to have five seats and only the second to have four doors — has sparked immediate debate about whether the car lives up to the brand's storied heritage.

Shares Slide as Investors React Cautiously

The carmaker's share price dropped by as much as 8% in morning trading on Tuesday in Milan before recovering slightly to a 6% decline, suggesting investors remain uncertain whether the Luce will prove to be a commercial hit. Ferrari, which produces all its cars in Maranello, northern Italy, was valued at €56bn (£48bn) before the launch.

The lukewarm market reaction reflects broader questions about whether Ferrari's pivot towards electrification — and a more practical, family-oriented vehicle — will resonate with the brand's core enthusiast base.

"Ferrari Luce was born precisely from this challenge, offering our unprecedented vision of electrification," said Benedetto Vigna, the Ferrari chief executive. "We are convinced that a company demonstrates its leadership when it has the courage to dare and to take on the challenge of new technologies."

Jony Ive Partnership: From iPhone to Ferrari

The Luce was developed in partnership with LoveFrom, the studio founded by Jony Ive after his legendary career at Apple, during which he led the design of iconic products including the iPhone, MacBook and Apple Watch. Ive is also currently working on a new type of AI-centred device with OpenAI.

Ferrari said the car's design was "simplified and rationalised in service of the driving experience," and emphasised that it was creating an "entirely new Ferrari." The minimalist aesthetic marks a significant departure from the aggressive, aerodynamic curves that have defined Ferrari's petrol-powered sportscars for decades.

'Mix Between Honda Accord and Tesla': Analysts Unimpressed

Despite Ferrari's confidence, the Luce's design has drawn sharp criticism from some quarters of the financial community. Pierre-Olivier Essig, the head of research at AIR Capital, wrote in a note to clients that the Luce looked like a "mix between a Honda Accord EV and a Tesla Model 3."

"We are lost in translation with Ferrari's new strategy," Essig added, in comments reported by Bloomberg.

The comparison to mass-market electric vehicles from Honda and Tesla — brands that occupy a vastly different segment of the automotive market — underscores the challenge Ferrari faces in translating its exclusive sportscar DNA into the electric era.

Other analysts have questioned whether the Luce, with its five seats and four doors, is being pitched too heavily towards super-wealthy families rather than the sportscar enthusiasts who have long formed the backbone of Ferrari's customer base. Ferrari's only other four-door model is the Purosangue, an SUV launched in 2022.

The interior of the Ferrari Luce continues the minimalist theme, with a streamlined dashboard and seating for five — a first for the legendary sportscar brand.

Artificial Engine Sound: Paying Homage to Petrolhead Instincts

Despite the dramatic shift towards electrification, Ferrari has made some efforts to appeal to traditional petrolhead instincts. The Luce features a motor sound played through speakers that is audible both inside and outside the car — a feature that has become increasingly common among performance EVs seeking to replicate the visceral experience of internal combustion engines.

Ferrari claimed the sound was "authentic" because it was amplified directly from the sound of the motors themselves, rather than being artificially generated from scratch. It remains to be seen whether enthusiasts will embrace this digital approximation of the roaring V12 engines that have defined the Ferrari experience for generations.

Ferrari's Electrification Roadmap: 20% Electric by 2030

The launch of the Luce comes as Ferrari recalibrates its electrification ambitions. The company last year scaled back its plans to shift from petrol to electric, and is now aiming for a 2030 lineup consisting of 40% internal combustion engine models, 40% hybrids and 20% fully-electric vehicles.

This represents a significant revision from its 2022 strategy, which had planned for 40% electric, 40% hybrids and 20% petrol models by 2030. The shift suggests Ferrari is responding to broader market dynamics and customer preferences that may be more resistant to full electrification than previously anticipated.

The Luce represents the first step in this revised strategy, with Ferrari gambling that its wealthy customer base will embrace an electric future — provided the brand's DNA remains intact. Early market reactions suggest that gamble has yet to pay off.

2030 Target: 40% Petrol, 40% Hybrid, 20% Electric

The Luce represents a cornerstone of Ferrari's long-term strategy to navigate the transition away from internal combustion engines while preserving its exclusivity and brand cachet. The company's revised 2030 targets reflect a more cautious approach than many of its European competitors, some of whom have announced ambitious timelines for going fully electric.

Ferrari's strategy acknowledges that its customer base — among the wealthiest in the world — may not be as eager to embrace electrification as mass-market consumers. The Luce's $640,000 price tag positions it firmly in the ultra-luxury segment, where buyers may be more motivated by exclusivity and heritage than by environmental considerations.

However, the divisive design and tepid market reaction suggest that Ferrari cannot simply rely on its brand name to guarantee success in the electric era. The Luce will need to win over not just investors, but also the collectors and enthusiasts who have made Ferrari one of the most profitable carmakers in the world.

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