Ferrari's Luce EV Sells Out Despite Initial Backlash
AI-generated image · US National Wire · Based on a photo by Banhada (CC BY 4.0, Wikimedia Commons)
The luxury automaker's first electric vehicle is fully allocated for 2027, proving that brand prestige outweighs technical polarization in the ultra-high-end market.
Ferrari's foray into the electric vehicle market is proving that scarcity and brand equity can override critical reception. Despite being widely panned and mocked upon its May debut—a reaction that initially drove Ferrari's stock price down—the company's first EV, the Luce, has already sold out for its 2027 production run, as TechCrunch first reported.
During a third-quarter earnings call on Tuesday, CEO Benedetto Vigna confirmed that the 2027 allocation for the five-seater EV is "fully allocated." Vigna noted that any new customers seeking the vehicle will now face a one-year wait. The Luce, which was designed by former Apple design chief Jony Ive, carries a starting price of approximately $615,000. First deliveries are slated to begin in the fourth quarter.
While Ferrari has not publicly disclosed the exact number of units it intends to produce, the Financial Times previously reported, citing unnamed sources, that the company planned to sell slightly fewer than 500 units this year. According to the Financial Times, Ferrari's long-term objective is to reach sales of 2,500 units by 2030, averaging roughly 600 vehicles per year.
When questioned about the identity of the buyers, Vigna declined to provide a specific demographic or pattern, stating only that there is a "good mix" of clients in terms of both geography and customer type.
The strong demand for the Luce coincides with a broader financial surge for the automaker. Ferrari reported third-quarter revenue of €1.9 billion, a 7% increase from the previous year, and net income of €431 million, up 13%. The company's operating profit reached €563 million, resulting in an operating margin of 29.7%.
TechCrunch reports that Ferrari's financial performance was further bolstered by a high demand for personalized options and the delivery of the F80 limited-run hypercar. Customizations accounted for more than 21% of the revenue generated from spare parts and cars. Due to these factors, Ferrari increased its full-year guidance, now projecting adjusted earnings of at least €3 billion ($3.36 billion), an increase from the previous estimate of €2.97 billion.