Former Ferrari Chairman Warns of Legend’s Destruction Amid New Model Backlash

Ferrari is facing significant backlash from investors and brand enthusiasts following the unveiling of the Luce, the automaker’s first fully electric vehicle. The announcement has triggered a stock market panic and a sharp divide among the company’s global fan base.

The Luce is a five-seat, battery-powered EV priced at $640,000. According to company specifications, the vehicle utilizes a quad-motor system that produces 1,035 horsepower, allowing it to accelerate from 0 to 100 km/h in 2.5 seconds.

Despite these performance figures, the model has been met with criticism on social media, where memes have mocked the new design. Market analysts have also questioned the overall appeal of the electric transition for a brand historically defined by internal combustion engines.

Some of the most severe criticism has come from former Ferrari leadership. Luca Cordero di Montezemolo, who served as the chairman of Ferrari from 1991 to 2014, expressed his disapproval during a reveal event in Rome.

Montezemolo, who led the company during an era of Formula 1 dominance and the development of modern supercars, told reporters that the electric project is risking the destruction of a myth.

When asked for his thoughts on the new direction of the brand, Montezemolo stated:

If I said what I really think, I’d harm Ferrari

Luca Cordero di Montezemolo

The former chairman further criticized the silent, high-horsepower vehicle by stating, I hope they at least remove the Prancing Horse from that car.

This stance aligns with Montezemolo’s previous public commitments. During his tenure as chairman, he maintained that the company would never produce a fully electric car, once joking that he would not drive one not even if I were drugged!

The current administration, led by CEO Benedetto Vigna, has taken a different strategic approach. Ferrari leadership asserts that the launch of the Luce is a necessary step to ensure the brand remains viable within a changing global automotive market.

The tension highlights a fundamental conflict between the brand’s heritage, built on the sound and mechanics of V8 and V12 combustion engines, and the industry-wide shift toward electrification.