Ferrari CEO Benedetto Vigna on Thursday defended the €550,000 (approx. $640,000) price tag of the company's first fully electric vehicle, the Luce, during a round table in Modena, Italy. The defence follows a sharp 8% drop in Ferrari's Milan-listed stock on Tuesday, the day after the Luce's unveiling in Rome, and widespread criticism from fans, former chairman Luca di Montezemolo, and Italian Deputy PM Matteo Salvini. Vigna argued the price reflects the vehicle's innovation and noted strong interest from new super-wealthy clients.

Why former chairman Montezemolo said the Luce risks 'destroying a myth'

Luca Cordero di Montezemolo, Ferrari's legendary former chairman, did not hold back when asked about the Luce. According to the source, he told reporters in Italian: "If I said what I really think, I'd harm Ferrari." He added that Ferrari is "risking the destruction of a myth" and expressed hope that they would "at least remove the Prancing Horse from that car." Ferrari declined to comment on his remarks . Montezemolo joined rival McLaren Group Holdings Limited last year, a company that produces competing sports cars and focuses on hybrid engines, and also competes with Ferrari in Formula 1.

The 8% stock wipeout and the market's message to Maranello

Investors reacted swiftly and negatively to the Luce reveal. Ferrari's shares fell 8% on Tuesday, according to the report, and continued to slide 5% in morning trading on Thursday. this market response signals that stakeholders are unconvinced by the company's pivot to an all-electric model, despite Vigna's assurances that traditional combustion engines will not be replaced entirely. The source quotes Vigna saying media coverage might lead observers to believe Ferrari would replace traditional engines, but that this is not the company's intention.

What Vigna told CNBC about design and 'respect' for new technology

When questioned by CNBC about satisfying both new customers and traditional clientele, Vigna explained that introducing new technology requires respect. "Respect of the technology, because when you have a new technology, you need to make sure that that technology is properly represented in the design, so the design must be different," he said. However, the Luce's design has been heavily criticized by Ferrari fans who compare it to the Nissan Leaf and other low-price EVs. The source also notes that Vigna said, "You have to see Luce to understand that it has nothing to do with Chinese EVs or those by other brands."

The missing piece: who is buying a €550,000 Ferrari EV?

The source reports that Vigna highlighted strong customer interest, including from new super-wealthy clients. But it does not name any specfiic buyers or provide pre-order numbers. It remains unclear how many of Ferrari's traditional, brand-loyal customers will actually purchase the Luce, given the vocal backlash from influential figures like Montezemolo and Salvini. The only specific critic quoted beyond the CEO is Salvini , who wrote on X: "Electric, outrageously expensive (550 thousand euros!) and, from an aesthetic point of view, it speaks for itself… It looks like anything but a car from the Prancing Horse. And this is supposed to be 'innovation'? Who knows what Enzo Ferrari would say…"

An echo of industry EV skepticism — but with Ferrari's unique brand risk

The Luce controversy sits within a broader trend of luxury automakers struggling to electrify without alienating their core customers. Porsche's Taycan and Audi's e-tron GT have faced similar pushback from purists. Yet Ferrari's case is distinctive because of the intensity of the personal attacks from Montezemolo and Salvini, both of whom have deep ties to the brand's mythos. The source article leaves open the fundamental question of whether Ferrari can maintain its exclusivity and aura while selling an EV that, at least visually, some liken to mass-market Nissan Leaf. Vigna's assertion that the Luce "has nothing to do with Chinese EVs" suggests the company is aware of the risk of being lumped in with cheaper electric models.