Ferrari shares tumbled more than 7.5% on Milan’s FTSE MIB on Tuesday, the day after the Maranello carmaker pulled the cover off its first fully electric car, the Ferrari Luce.

A milestone in the history of the Prancing Horse, Luce was unveiled by the group led by CEO Benedetto Vigna on Monday, May 25, 2026, in Rome, inside Santiago Calatrava’s Vela di Tor Vergata, in front of more than 200 journalists who had flown in from around the world.

The new jewel of Ferrari’s electric line was then shown to 800 hand-picked customers.

The enthusiasm of CEO Vigna and Chairman John Elkann for the first electric car ever built in Maranello — unveiled, by the way, on a historic anniversary, 79 years to the day after Ferrari’s first victory at the 1947 Rome Grand Prix — was on full display.

Luce presented today to President Mattarella, with a comment from John Elkann

On Tuesday, May 26, Ferrari Luce went through a second round of presentations, this time before Italian President Sergio Mattarella at the Quirinale Palace, hosted by John Elkann, Vice Chairman Piero Ferrari, and CEO Vigna, together with other executives and engineers from the Prancing Horse.

Chairman John Elkann’s comment:

«It was an honor to be received by President Mattarella at the Quirinale, where we presented him Ferrari Luce. This new model carries into the future the values that make Ferrari instantly recognizable around the world. It is the result of the passion, the expertise and the commitment of all the people of Ferrari, those who write the history of our brand every day. On behalf of all of us at Ferrari, I thank the President for his warm welcome and his unconditional support of the values that unite our country.»

The stock crashes on Milan, worst on the FTSE MIB. Is Luce too expensive?

A lot of pride and satisfaction, in other words. But not on Milan’s exchange, where Ferrari shares opened the session with a sharp drop, ending up as the worst performer on the FTSE MIB index.

The reason, as far as analysts are concerned, is skepticism about the price of Ferrari Luce, and what its sales will mean for the Prancing Horse’s numbers.

Luce’s starting price, it should be noted, is €550,000 (about $594,000).

That alone does not convince the analysts at Equita SIM, who point out that the figure is well above the group’s average selling price, which in 2025 hovered around €440,000 (about $475,000).

Here is Equita SIM’s note:

«We remain of the view that an electric model with a high price, even if it is a ’range’ model, will not generate high volumes», the Milan-based broker writes, adding that it does not believe «the volumes of this model are decisive in influencing the group’s results.»

That said, «since this is the first model with a new engine, it is important to preserve the image of quality and performance.»

Caution overall from Equita SIM, which nonetheless is not bearish on Ferrari shares: it has a Buy rating on the stock.

The target price is €385 (about $416), well above the €290.40 (about $314) at which the stock is currently changing hands, implying upside of more than 32%.

Ferrari shares YTD and over the past year. But target prices give some hope

The recent trend in Ferrari shares — including over the past year — remains negative, marked by a drop of more than -8% over the last three months and a slide of nearly -9% since the start of 2026 (YTD).

Ferrari is also trading more than 31.5% below where it was a year ago.

Despite the slump, the analysts at Intermonte are even more optimistic on Ferrari’s trajectory: they have an Outperform rating on the stock, with a target price of €417 (about $450), betting on a jump of more than +43%.

Editor’s note

This article was originally published in Italian on money.it by Laura Naka Antonelli on May 26, 2026 as «Perché le azioni Ferrari crollano dopo la presentazione dell’elettrica Luce?». It has been translated and adapted for an international audience by the Money.it International desk.