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

"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 Luce's volumes "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 '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 accounts for 19-20%)'.

Nevertheless, 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 according to whom 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 aesthetics are probably difficult for many to digest, including us' but 'it could offer Ferrari's answer to the China question', Oxcap's opinion.