The departure of Ferrari’s marketing director, Enrico Galliera, sent shares of the Italian marque sliding 2.3% this morning, as markets digested the fallout from a disastrous customer backlash against the company’s electric vehicle strategy. Galliera, a 12-year veteran, was reportedly the architect of the ‘Ferrari Electrified’ campaign that promised an all-electric model by 2025.
However, affluent clients in the Middle East and Asia balked at the prospect of a silent prancing horse, with pre-orders for the upcoming EV model falling 40% below projections. Ferrari’s attempt to pivot has left a gap in the luxury performance EV space, and UK manufacturers are already circling. Aston Martin, which has struggled with its own EV timeline, saw its shares rise 1.
8% on the news, while Bentley and McLaren are reportedly accelerating their electric hyper-GT programmes. The market is sensing capital flight from Maranello to Crewe and Goodwood. Ferrari’s misstep underscores a brutal truth: premium buyers equate electric with appliance, not art.
The UK’s luxury sector, with its heritage of craftsmanship and visceral driving experience, is poised to capture that discontent. But let’s not get misty-eyed. The City will be watching the numbers.
If Aston Martin can convert even a fraction of Ferrari’s upset clientele, its margin profile could improve significantly. Meanwhile, Ferrari faces a leadership vacuum at a critical juncture. The bottom line: brand equity is fragile, and a marketing misfire can cost billions.
