Ferrari shares fall after launch of first EV as Jony Ive design proves divisive

Source: Hacker News

Overview

Ferrari’s share price fell after unveiling its first electric vehicle, the Luce, featuring a minimalist design by former Apple design chief Jony Ive that departs from the brand’s traditional petrol sportscars.

Launch and specifications

• Model: Ferrari Luce
• Starting price: $640,000 (£545,000)
• Battery: 122 kWh, giving a range of 329 miles (530 km)
• Performance: Four motors, 0–100 km/h in 2.5 seconds, top speed >310 km/h (193 mph)
• Seating: Five seats, the first Ferrari with this capacity
• Doors: Four, making it only the second four‑door Ferrari after the 2022 Purosangue SUV

The Luce was developed in partnership with Jony Ive’s LoveFrom studio. Ferrari described the design as “simplified and rationalised in service of the driving experience,” emphasizing that it represents an “entirely new Ferrari.”

The Luce was developed in partnership with Jony Ive’s LoveFrom studio. Photograph: Ferrari/Reuters

Market reaction

• The share price dropped up to 8 % in morning trading on Tuesday in Milan, later settling at a 6 % decline.
• Before the launch, Ferrari was valued at €56 bn (£48 bn).

The sharp move suggests investors are uncertain whether the Luce will resonate with buyers.

Design controversy

The Luce’s saloon‑like, minimalist styling proved divisive:

• Some analysts questioned whether it lives up to Ferrari’s sportscar heritage.
• Pierre‑Olivier Essig, head of research at AIR Capital, described it as “a mix between a Honda Accord EV and a Tesla 3,” adding, “We are lost in translation with Ferrari’s new strategy.”

Despite the avant‑garde exterior, the car includes a motor sound played through speakers—audible inside and outside—to appeal to traditional “petrolhead” instincts. Ferrari claims the sound is “authentic” because it is amplified directly from the motors.

Company background and future plans

• Founded: 1939
• Production base: Maranello, northern Italy

Ferrari last year scaled back its ambitions to shift from petrol to electric, aiming for a 2030 lineup of:

• 40 % internal‑combustion models
• 40 % hybrids
• 20 % fully‑electric models

(Previously, in 2022, the target was 40 % electric, 40 % hybrids, and 20 % petrol.)

Partnership with Jony Ive

• LoveFrom, the studio founded by Ive after his long career at Apple, collaborated on the Luce’s design.
• Ive’s Apple portfolio includes the iPhone, MacBook, and Apple Watch.
• He is also working on a new AI‑centred device with OpenAI.

“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. Ferrari Luce was born precisely from this challenge, offering our unprecedented vision of electrification,” said Benedetto Vigna, Ferrari chief executive.