Former Ferrari president Luca Cordero di Montezemolo strongly criticized the Italian brand’s first-ever 100% electric model on Tuesday, stating that the new vehicle “risks destroying a myth” and arguing that it should not display the iconic Prancing Horse emblem.
Montezemolo, who led Ferrari between 1991 and 2014, spoke to journalists on the sidelines of an event in Rome, where he expressed deep dissatisfaction with the new strategy of the Maranello-based manufacturer.
“If I said everything I thought, I would harm Ferrari. There is a risk of destroying a myth, and I deeply regret it. I hope that, at the very least, they remove the ‘Prancing Horse’ from this car,” he declared.
The new model, named Ferrari Luce, marks a significant departure from the brand’s tradition: it is a four-door, five-seat automobile with dimensions larger than usual and a design that is admittedly less sporty than Ferrari’s classic supercars.
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When questioned about the growing competition from the Chinese automotive industry in the electric segment, Montezemolo responded with irony: “This is certainly a car that, at least, the Chinese will not be able to copy.”
In the official press release announcing the launch, Ferrari emphasized that creating the sound for its first electric vehicle was “one of the most complex and innovative challenges” in the brand’s history. To preserve the emotional identity associated with its models, the Luce incorporates a system that amplifies real vibrations produced by the electric components, generating its own unique mechanical sound instead of relying on an artificial simulation of a traditional internal combustion engine’s roar.
The market reaction was immediate. Shares of Ferrari recorded a sharp decline on the Milan Stock Exchange on Tuesday, falling more than 7%, signaling investor apprehension regarding the luxury Italian brand’s new electric strategy.
