Ferrari has changed its marketing head just a month after the Luce EV unveiling caused a significant drop in its stock value, erasing billions.

      Ferrari is set to replace its marketing chief, Enrico Galliera, who has served for over 16 years, with former BMW Italy CEO Massimiliano Di Silvestre. This transition takes effect on July 1, following the controversial launch of the Luce, Ferrari’s first fully electric vehicle, which led to an 8 percent drop in the company’s stock.

      Ferrari stated that Galliera's departure was planned, and he had informed the company of his decision to leave “some time ago,” agreeing to remain until the Luce’s introduction while he prepares for a new career chapter. CEO Benedetto Vigna acknowledged Galliera’s contributions over nearly two decades in shaping Ferrari’s commercial strategy.

      However, the timing of the change is closely linked to the negative reactions surrounding the Luce. The unveiling of the four-door, five-seat electric car took place in Rome on May 25, with a starting price of approximately 550,000 euros (about $640,000). Shortly afterward, Ferrari’s market capitalization fell by around four billion dollars.

      The backlash focused largely on the car's exterior design, created in collaboration with the design firm LoveFrom, founded by former Apple chief design officer Jony Ive. The Luce's smooth, rounded surfaces diverged significantly from Ferrari’s traditional angular aesthetics, leading to comparisons with a rejected Apple Car concept and a generic Chinese EV.

      Former chairman Luca di Montezemolo, who led Ferrari for 20 years until 2014, criticized the car as a disgrace to the brand’s legacy, suggesting the prancing horse emblem should be removed and warning of potential damage to the Ferrari legend. Italy’s Deputy Prime Minister Matteo Salvini also criticized the vehicle for its high price and questioned how Enzo Ferrari would react.

      In the aftermath, Vigna defended the Luce, stating that it had generated significant interest from potential buyers unfamiliar with Ferrari ownership. He maintained that the Luce had “nothing to do with Chinese EVs” and emphasized that advancements in technology necessitate new designs. The stock managed to recover most of the losses within a short period.

      Di Silvestre brings over 20 years of experience in the premium automotive industry, having recently served as President and CEO of BMW Group Italy, a key market for the German brand. He will be part of Ferrari’s leadership team and report directly to Vigna.

      This appointment is significant as Ferrari seeks a new commercial leader during a time when the brand’s identity is under scrutiny. Galliera, an insider who influenced Ferrari’s marketing during an era of unprecedented profitability and exclusivity, is being succeeded by Di Silvestre, who comes from a volume-brand background, stepping into a company that produces fewer than 15,000 cars annually, with each priced at more than $400,000 on average.

      Ferrari plans to deliver the Luce in the fourth quarter of this year, with the vehicle generating over 1,000 horsepower from its four electric motors, equipped with a 122 kilowatt-hour battery that offers approximately 530 kilometers of range, and capable of accelerating to 100 kilometers per hour in just 2.5 seconds.

      Ferrari has not revealed the number of orders received for the Luce. The company’s second-quarter results, expected on July 30, may give initial insight into whether the controversy has impacted sales or if the Luce will experience similar success to the Purosangue SUV, which also faced skepticism but sold out quickly.

      The luxury electric vehicle market has been challenging for early entrants, with Lamborghini canceling its planned electric vehicle due to low demand and Bentley continually delaying its first EV. Sales for Porsche’s Taycan and Lucid’s Air have also faced difficulties.

      The market viability for a $640,000 electric car remains uncertain, and LoveFrom has not encountered a warm reception with its initial complete vehicle.

      Di Silvestre's first task will be developing a marketing strategy for a car that has already faced widespread criticism online. His second challenge will be reassuring Ferrari’s existing customers that the brand has not lost the executive who significantly shaped its commercial identity for nearly two decades.