Former Ferrari F1 Boss Di Montezemolo Lashes Out at New Electric Car

Former Ferrari F1 president Luca di Montezemolo has launched a scathing attack on the manufacturer following the unveiling of its first all-electric road car, the 'Luce'. He warned that a 'myth is being debunked' and suggested the car lacks any distinctive Ferrari character, instead resembling a generic EV design.

Why it matters:

• As the leader who guided Ferrari both on track and in road car production for 23 years, Di Montezemolo's blunt criticism carries significant weight. His comments could amplify existing doubts about Ferrari's electric strategy and further impact brand perception among purists and investors alike.
• The public apathy following the unveiling has already caused a sharp drop in Ferrari's share price on both the Italian and American stock exchanges.

The details:

• The 'Luce' (Italian for 'light') was presented this week but immediately drew fierce criticism for lacking Ferrari's signature styling cues. Critics say it looks like a mash of elements from many existing electric cars.
• The price tag of €550,000 has also drawn scorn, with many questioning the value proposition.
• Di Montezemolo did not hold back: "If I were to say what I think about it, I would harm Ferrari. 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 former boss's remarks reflect a broader sentiment within the automotive world that Ferrari's first EV may have missed the mark in terms of identity and innovation.

What's next:

• Ferrari now faces the challenge of defending its design choices while reassuring the market and loyal fans. The company has not yet officially responded to Di Montezemolo's comments.
• The success of future electric models from Maranello will depend on whether the brand can inject its unmistakable DNA into the EV era—something this first attempt, according to many, has failed to do.