Ferrari's new $640,000 all-electric Luce is getting hammered by traditional Ferrari fans and a former CEO, raising fears the brand is chasing customers it does not have.

• Ferrari unveiled the Luce, a fully electric car designed in part by ex-Apple designer Jony Ive, and early reaction has been brutal.
• Former Ferrari CEO Luca di Montezemolo mocked the car, saying the Chinese won't bother copying it.
• Ferrari's earlier hybrids, the SF90 and 296, already lost value fast because buyers did not want them, and the 296 was discontinued.
• Porsche is a warning sign: it pushed EVs like the Taycan, profits collapsed from $4 billion to $40 million in nine months, and it cut production.
• 98% of Ferrari buyers are men averaging $1M–$30M a year, and critics say chasing a broader, greener audience repeats the Bud Light mistake of ignoring core customers.

Outlook: The Luce will likely sell in tiny numbers and lose value quickly, and Ferrari may be forced to pull back on EVs like Porsche, Ford, and Honda already have.