Montezemolo Slams Ferrari’s New Electric Car

Former Ferrari president Luca di Montezemolo has launched a fierce criticism of the Italian manufacturer following the unveiling of its first fully electric road car, the Ferrari Luce. The model has already generated negative reactions from sections of the public and financial markets, with concerns focused on whether the car still reflects Ferrari’s traditional identity.

Ferrari introduced the Luce this week as part of its long-term electrification strategy amid growing pressure across the global automotive industry. However, early reactions quickly turned critical, particularly regarding the vehicle’s styling and overall concept, which many observers felt resembled existing premium EV products already dominating the market.

The criticism intensified after Ferrari confirmed the car’s €550,000 price tag. Several analysts questioned the positioning of the model in an increasingly competitive high-performance EV segment. Investor sentiment also appeared affected, with Ferrari’s share price falling on both Italian and American stock exchanges following the official presentation.

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Montezemolo, who led Ferrari through one of its most successful eras both in Formula 1 and road car production, became one of the most outspoken critics of the company’s new direction. He suggested Ferrari could risk damaging the legendary image it spent decades building.

“If I were to say what I think about it, I would harm Ferrari,” Montezemolo said.

“It is quite possible that a myth is being debunked here. I hope they at least remove the Ferrari badge. I am quite sure that this is a car that even the Chinese won't copy.”

The comments underline growing concerns regarding Ferrari’s identity during the transition toward electrification. For decades, Ferrari’s reputation has been built around naturally aspirated engines, emotional V8 and V12 sound characteristics, and direct links to technology developed through Formula 1 competition. Moving toward a fully electric platform represents a major challenge because it fundamentally changes the emotional driving experience traditionally associated with the brand.

Ferrari is also operating under wider pressure from tightening global emissions regulations and the broader automotive industry’s shift toward sustainable mobility. Several supercar manufacturers have accelerated electrification projects in response, but Ferrari faces additional sensitivity because of a customer base strongly attached to combustion-engine performance, mechanical power delivery, and traditional racing heritage.

The Luce project now represents a major test for Ferrari as it attempts to balance future technology demands with the historical identity that has defined the company for generations. Montezemolo’s reaction highlights that Ferrari’s electrification strategy is not only a technological and commercial challenge, but also a deeply symbolic issue for one of motorsport’s most iconic manufacturers.