Ferrari collapses on the stock market. Montezemolo: a myth risks destruction

Ferrari collapses on the stock market after the official presentation of Ferrari Luce, the first 100% electric car from Maranello. Design, price and strategy do not convince the market, which has been disconcerted by a model that, according to many observers, is far from the aesthetic canons of Maranello. Among these is the former president of the Rossa, Luca Cordero di Montezemolo: 'If I had to say what I think, I would hurt Ferrari. You risk destroying a myth and I am very sorry. At least take off the prancing horse,' he said on the sidelines of the Confindustria assembly. A strong position, that of Montezemolo, which for those in the industry perfectly sums up the perplexities and doubts surrounding Maranello's eagerly awaited first electric car. Starting with those of the market: the reception on the stock market was cold, with the share price dropping more than 6% at the opening.

The performance comes on the heels of the official unveiling of the Ferrari Luce, after a five-year process. "The starting price was set at €550,000, well above the most expensive model currently in the Ferrari range (Testarossa at €460,000) and significantly higher than Ferrari's average selling price for Q1 2026 of €453,000. We expect the Luce to remain a niche offering within the range, accounting for around 1 per cent of total volumes," note the Mediobanca analysts. Equita analysts also dwell on a sales price higher than the group's average selling price of around €440,000 in 2025, pointing out that "no indication of expected volumes has been provided".

"We remain of the opinion that an electric model with a high price, despite being a 'range' model, will not generate high volumes' and that the volumes of Luce 'are not decisive in influencing the group's results, but since it is a first model with a new motorisation it is important to preserve the image of quality and performance'. On the subject of price, according to Intermonte, it could "prove to be higher than the average revenue per unit of around 460 thousand euro (to be considered net of VAT but including customisation, which on average represents 19-20%)". Still, the experts are confident 'in the company's ability to produce the vehicle to the highest quality standards and to manage the relationship between supply and demand, with feedback from customers and dealers representing the first element in defining the group's future model pipeline'. Intermonte has an 'Outperform' rating on the stock and a target price of €417.

In addition to the issue of price and niche positioning, some analysts also point to the issue of design, which moves away from the traditional canons of the prancing horse. The Luce looks "a mix between Honda Accord EV and Tesla 3", Pierre-Olivier Essig, head of research at Air Capital, told Bloomberg. "We are lost in the translation of Ferrari's new strategy of trying to emulate Apple's design", says Essig, who says he prefers "Chinese or Japanese cars with the same look and kind of performance for a fraction of the price". In addition to Air Capital's remarks, Bloomberg reports those of analysts at Oddo Bhf who say that initial reactions 'have been largely negative among Ferrari's most passionate fans, due to concerns about a departure from the brand's tradition'. Oddo acknowledges that this is a bold and strategic move but expects a modest impact on sales and fears a 'potential dilution of margins, given the high development costs and lower residual value dynamics in electric vehicles'. 'Luce's aesthetic is probably difficult for many to digest, including us' but 'it could offer Ferrari's answer to the China issue', Oxcap's opinion.