Sorry, haters. Ferrari’s first EV is doing just fine
Despite initial criticism regarding its design and price, Ferrari's first electric vehicle, the Luce, has met its annual sales target in just two months. The vehicle's success is attributed to strong demand from Ferrari's loyal customer base and its appeal in the Chinese market.
Why it matters
The successful launch of the Luce demonstrates that luxury brands can transition to electric vehicles without alienating their core, high-net-worth customer base.
When Ferrari revealed the Luce — its first EV — to the public in May, the internet reacted. And not in a positive way.
Critics compared the wedge-shaped Luce with a Nissan Leaf and said Chinese EVs would outperform it while undercutting it on price. Even former Ferrari chair Luca Cordero di Montezemolo was among the haters. Ferrari’s stock dropped 8% the day after the reveal. Their conclusion: the Luce would be a dud.
It turns out, the armchair auto executives were wrong about the five-seater that was largely designed by Jony Ive and his firm, LoveFrom.
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