Wall Street Took One Look at Ferrari’s EV and Immediately Hit Sell

Ferrari’s first electric vehicle has finally arrived, and the stock market absolutely hates everything about it.

Shares of the Italian automaker dropped hard as trading began on Tuesday following the reveal of the Luce on Monday afternoon— the fully electric four-door grand tourer that looks like a short bus, is the largest deviation from the company’s sporty core competencies, ever.

Ferrari stock fell more than 6% in Milan trading after the launch event in Rome, while U.S.-listed shares also moved lower in premarket trading. As of writing, shares are down almost 8.5 percent.

The Luce arrives at a complicated moment for electric vehicles, specifically luxury performance EVs. Several exotic automakers, including Lamborghini and Porsche, have recently reconsidered their pure EV strategies thanks to almost non-existent demand for high-end electric vehicles.

Ferrari, however, is moving forward with electrification while insisting it can preserve the emotional side of driving that defines the brand. With four electric motors, more than 1,000 horsepower, seating for five passengers, and styling unlike any previous Ferrari, the Luce immediately kicked off visceral reactions across the internet and among investors.

The sleek, cab-forward liftback shape and modern proportions are a jarring break from the mid-engine and long front-engine supercar formula Ferrari is known for. Maranello worked with LoveFrom, the design firm founded by former Apple design chief Jony Ive, to pen both the exterior and interior.

Ferrari says the quad-motor setup can launch the car from 0-60 mph in about 2.5 seconds with a top speed near 192 mph. The Pracing Horse also developed artificial shift simulations and a custom electric soundtrack intended to preserve the sensation of driving a traditional high-performance Ferrari.

Still, not everyone is convinced.

Pricing for the Luce starts around €550,000 — roughly $640,000 before options and taxes — with deliveries expected to start later this year.

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