Ferrari has replaced its marketing chief just a month after the unveiling of the Luce EV resulted in a loss of billions in its stock value.

      Ferrari is set to replace its Chief Marketing and Commercial Officer, Enrico Galliera, after he served in the position for over 16 years. Massimiliano Di Silvestre, the former CEO of BMW Italy, will take over the role starting July 1. This change comes a month after the contentious launch of the Luce, Ferrari's first fully electric vehicle, which caused the company's stock to drop by over 8 percent.

      Ferrari stated that Galliera's departure was planned, with him having communicated his decision to leave "some time ago." He agreed to remain until after the Luce launch before embarking on a new professional journey. CEO Benedetto Vigna acknowledged Galliera's significant contributions and his role in shaping Ferrari's commercial strategy over nearly two decades.

      However, the timing is hard to ignore, given the negative reaction following the Luce’s unveiling. The four-door, five-seat electric car, which was introduced in Rome on May 25 with a starting price of 550,000 euros (around $640,000), led to a market capitalization drop of about four billion dollars within two days.

      Criticism focused on the car's exterior design, which was developed in collaboration with LoveFrom, a design firm founded by former Apple chief design officer Jony Ive. The Luce’s smooth, edgeless design significantly deviated from Ferrari's traditional angular aesthetic, resulting in comparisons to everything from a dismissed Apple Car prototype to a conventional Chinese electric vehicle.

      Former Ferrari chairman Luca di Montezemolo, who led the company for two decades until 2014, publicly criticized the vehicle, calling it a disgrace to Ferrari's heritage. He suggested removing the prancing horse badge and expressed concerns that Ferrari was jeopardizing its legendary status. Italy’s Deputy Prime Minister Matteo Salvini also criticized the car, calling its price outrageous and questioning how Enzo Ferrari would view it.

      In the week following the launch, Vigna defended the Luce, claiming it had garnered strong interest from new customers who had never before owned a Ferrari. He asserted that the Luce had “nothing to do with Chinese EVs” and argued that evolving technology necessitated new designs. The stock managed to recover most of its losses shortly thereafter.

      Di Silvestre possesses over 20 years of experience in the high-end automotive industry, most recently as President and CEO of BMW Group Italy, a significant market for the German automaker. He will become part of Ferrari’s leadership team and report directly to Vigna.

      This appointment is noteworthy as Ferrari seeks an external commercial leader at a time when its branding is being scrutinized. Galliera was an established insider who molded Ferrari's marketing during a period of peak profitability and exclusivity. In contrast, Di Silvestre comes from a background focused on volume-brand management, entering a company that manufactures fewer than 15,000 cars annually, with an average selling price exceeding $400,000.

      Ferrari remains on schedule for initial Luce deliveries in the fourth quarter of this year. The vehicle generates over 1,000 horsepower from four electric motors, features a 122 kilowatt-hour battery providing approximately 530 kilometers of range, and can accelerate to 100 kilometers per hour in just 2.5 seconds.

      Ferrari has not revealed the number of orders received so far. The company’s second-quarter results, which are due on July 30, may reveal whether the backlash has affected sales or if the Luce will follow the successful launch of the Purosangue SUV, which faced similar doubts but sold out quickly.

      The luxury electric vehicle market has proven challenging for early entrants. Lamborghini scrapped its planned electric vehicle due to insufficient demand, while Bentley has repeatedly postponed the launch of its first EV. Porsche’s Taycan and Lucid’s Air have both faced difficulties achieving strong sales figures.

      It remains uncertain if there is a market for a $640,000 electric car, and Ive’s design firm, LoveFrom, has not received a warm welcome with its first complete vehicle.

      Di Silvestre's primary challenge will be crafting a marketing strategy for a car that has attracted significant criticism online. Additionally, he must reassure Ferrari’s established clientele that the brand they pay a premium to join has not lost the executive who shaped its commercial identity for nearly two decades.