Ferrari’s First-Ever EV Looks Like an Old Fridge, ex-Boss Gets Depressed Seeing It

Ferrari is facing intense backlash after unveiling the Luce, its first fully electric vehicle and the most expensive car in the company’s history, Yahoo reported.

The four-door, five-seat electric grand tourer carries a price tag of around $640,000 and was designed by former Apple design chief Jony Ive and designer Marc Newson.

Ferrari presented the launch as a major turning point for the company’s future, but the reaction quickly turned negative online. Fans mocked the vehicle’s style on X and compared it to an old fridge.

Even the ex-chairman of the Italian car company doesn’t think it’s a traditional Ferrari supercar.

A sharp market reaction followed the backlash. Ferrari shares fell around 7 percent within 24 hours of the reveal, marking one of the company’s biggest single-day stock declines that wiped billions from its market value.

The controversy exploded after criticism from Luca Cordero di Montezemolo, the former Ferrari chairman.

He said Ferrari was “risking the destruction of a myth” by moving toward fully electric vehicles. He suggested the company should remove the iconic Prancing Horse badge from the new EV to lessen the embarrassment.

“If I say what I think, I’d harm Ferrari. There’s a risk of destroying a legend. I’m very, very sorry. I hope at least they remove the prancing horse logo from that car,” Luca added.

Ferrari has historically built its identity around loud V8 and V12 combustion engines. Many longtime fans argue that the Luce abandons that identity.

Current Ferrari leadership, headed by CEO Benedetto Vigna, says electrification is necessary as the luxury auto industry shifts toward cleaner technologies.

Hate it all you want, but the Luce produces more than 1,000 horsepower and accelerates from 0 to 100 km/h in about 2.5 seconds.

Since leaving Apple in 2019, Jon Ive has worked on several high-profile ventures that faced delays, weak sales or commercial setbacks.

His design circle was linked to the failed Humane AI Pin project, which struggled commercially before parts of the business were later sold to HP.

Earlier this year, OpenAI acquired Ive’s AI hardware startup in a deal valued at roughly $6.5 billion, though its first planned device has been delayed until 2027.