Luca Cordero di Montezemolo, the former Chairman who ran Ferrari for 23 years between 1991 and 2014, has issued one of the sharpest public criticisms ever directed at Maranello’s modern leadership — telling Italian media that the brand should consider removing the Prancing Horse badge from its first all-electric car, the Ferrari Luce. The Ferrari Luce Montezemolo criticism has fed directly into a sharp share-price reaction, with Milan-listed Ferrari (RACE) wiping out roughly €3 billion in market capitalisation in the day after the unveiling.
In comments translated and circulated by Chinese auto media, Montezemolo said he could not openly state his true feelings without harming the brand, warning that Ferrari “risks destroying a legendary brand” with the Luce — and adding the now-viral line urging the company to “take the Cavallino off” the car. He even quipped that no Chinese OEM would bother to copy this particular design.
What Ferrari Showed: Specs of the Luce
The Ferrari Luce is Maranello’s first series-production battery-electric vehicle. According to figures disclosed at the unveiling, the car’s headline numbers are:
- Length / width / height: 5,026 / 1,999 / 1,544 mm
- Wheelbase: 2,961 mm
- Architecture: 800V
- Powertrain: quad-motor, all-wheel-drive
- System output: 772 kW / 1,050 hp
- Peak torque: 990 N·m
- Battery: 122 kWh usable
- Range: approximately 530 km (WLTP-class cycle)
The exterior and interior were styled by Sir Jony Ive, the former Apple Chief Design Officer whose LoveFrom studio is now consulting for several premium manufacturers. The design language is described by Ferrari as “clear, restrained and considered”, fusing exterior, interior and HMI into one architectural language. That brief — minimalist, screen-first, software-led — is precisely what has provoked the loudest objections from Ferrari traditionalists. Read more: Ferrari Luce Unveiled: Maranello’s First Electric Supercar Delivers 1,050 hp.
The Market Reaction: €3 Billion Wiped Out
Investor sentiment was as harsh as Montezemolo’s words. On the trading day immediately following the Luce reveal, Ferrari shares listed in Milan plunged:
- Intraday low: down more than 8%
- Closing decline: approximately 6.3%
- Estimated market-cap loss: roughly €3 billion (~US$3.24 billion at current rates)
The sell-off is more than a one-day reflex. Ferrari has been one of the best-performing luxury equities of the last decade precisely because its scarcity-led, ICE-led economic model has been treated by the market as resistant to the electrification headwinds buffeting traditional automakers. The Luce reveal forces investors to revisit that assumption.
Why the Reaction Is So Sharp
The negative response sits at the intersection of three separate concerns:
1. Brand Equity
Ferrari’s brand is built on the V12-howling, hand-built, deliberately scarce sports car. A 530 km, quad-motor SUV-coupé silently delivering 1,050 hp does not obviously sit inside that mythology — even if the engineering is excellent.
2. Design Language
Jony Ive’s minimalist treatment has produced a vehicle that, to traditional Ferrari watchers, looks more like a luxury electric grand tourer than a Maranello product. Montezemolo’s “remove the badge” line is essentially a brand-identity argument dressed as a design critique.
3. Volume Economics
Montezemolo famously argued during his tenure that Ferrari should cap annual production at 7,000 units to protect exclusivity. His successors took the opposite view, pushed Ferrari toward IPO in 2015, and have since steered annual volumes higher. The Luce — and the larger EV programme behind it — implicitly accelerates that volume strategy. Read more: Ferrari Reports Q1 2026 Growth as Anticipation Builds for the All-Electric….
The Montezemolo Era vs. Today
The current criticism cannot be separated from Montezemolo’s own history. During his 23-year leadership:
- Ferrari was rescued from near-bankruptcy and rebuilt as the world’s most profitable luxury automaker
- Scuderia Ferrari won eight Formula 1 Constructors’ Championships
- Production was deliberately kept below 7,000 units per year to protect exclusivity pricing
By 2014, then-FCA CEO Sergio Marchionne overruled Montezemolo’s volume-cap doctrine, pushed for Ferrari’s separation from FCA, and steered the brand toward a 2015 IPO. Montezemolo was effectively forced out. Eleven years later, his commentary on the Luce reads as much as a vindication of his earlier strategy as a critique of a specific car.
What This Means for Ferrari and for Luxury EVs Broadly
For Ferrari specifically, the next 12 months will determine whether the Luce becomes a Cayenne moment (initial purist horror, eventual category dominance and bigger profits — as Porsche experienced in 2002) or a remembered mistake. Three signals to watch:
- Pre-orders and waiting list dynamics over the next two quarters
- Trade-in behaviour among existing Ferrari clients — do they take a Luce, or refuse one?
- Whether Ferrari quietly trims annual Luce production caps to manage exclusivity perception
For the broader luxury EV category, the Luce launch is the most consequential test yet of whether heritage performance brands can credibly extend into battery-electric without diluting their identity. Aston Martin, Lamborghini and McLaren are watching closely. Read more: Beijing Off-Road BJ40 EREV Long-Range Edition to Launch May 21: Delivering Over….
Frequently Asked Questions
What did Luca di Montezemolo say about the Ferrari Luce?
The former Ferrari Chairman publicly criticised the Luce, suggesting Ferrari risks “destroying a legendary brand” with the model and urging the company to remove the Prancing Horse badge from the car.
What are the Ferrari Luce’s specifications?
The Luce is Ferrari’s first all-electric vehicle, with an 800V architecture, quad-motor AWD delivering 1,050 hp (772 kW) and 990 N·m of torque, a 122 kWh battery and approximately 530 km of range.
Who designed the Ferrari Luce?
The exterior, interior and HMI were styled by Sir Jony Ive, the former Apple Chief Design Officer now leading LoveFrom.
How much did Ferrari’s stock fall after the Luce reveal?
Ferrari shares (RACE) listed in Milan fell more than 8% intraday and closed approximately 6.3% lower, wiping out roughly €3 billion (~US$3.24 billion) in market capitalisation.
Reviewed by Han Liu, Editor, iEVChina.
Source: Autohome
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