Two months after Luca di Montezemolo criticized Ferrari’s new all-electric Luce model, CEO Benedetto Vigna defended the launch, calling it a success. The car, designed by former Apple designer Sir Jony Ive, faced harsh social media backlash in May, with shares dropping 8%. Yet by July, Ferrari hit its internal target of under 500 units, despite the €550,000 price tag.
Dealer Todd Blue in California reported “tremendous” demand, selling out his allocation. The Luce targets new wealthy buyers in China and Silicon Valley, capitalizing on AI-driven wealth. Other luxury brands like Bentley, Jaguar, and Porsche are launching EVs to attract younger clients, but face challenges balancing combustion loyalists and high transition costs.
Analyst Scott Sherwood notes Ferrari’s niche approach—selling only 1,000–1,500 units—works due to brand strength. Ferrari aims for 20% electric models by 2030, down from its original half target.
Source: Financial Times Companies · Summarized by HeadlinesBriefing