"Is That Really a Ferrari?" From Ridicule to Explosive Demand in China in Major Turnaround

Ferrari's first electric vehicle, the Luce, which faced initial setbacks including harsh design criticisms and a plunge in stock price upon its release, has reportedly achieved its sales target for this year ahead of schedule.

Citing two sources, the Financial Times (FT) reported on the 29th (local time) that Ferrari aimed to sell close to 500 new Luce units this year, and that this goal was achieved earlier this month.

This milestone comes just two months after its unveiling in May, driven by notably strong demand in China.

As the first four-door, five-seat model in Ferrari's history, the Luce was designed by former Apple Chief Design Officer (CDO) Jony Ive, with prices starting at 550,000 euros (920 million won).

At its unveiling, social media was flooded with ridicule comparing the car to low-cost mass-produced vehicles due to its rounded and solid exterior design, which dispensed with Ferrari's signature sleek image. Luca di Montezemolo, former chairman of Ferrari, even claimed that "our legend is at risk of collapsing" and argued that the "Cavallino Rampante" (prancing horse) emblem should be removed from the Luce.

Ferrari's stock, listed on the Milan Stock Exchange, also plummeted by more than 8% on the first trading day following the reveal.
In the wake of this backlash, Chief Marketing Officer (CMO) Enrico Galliera abruptly stepped down this month and was replaced by a former executive from BMW. However, Ferrari drew a line, stating that the personnel change had been planned even before the launch of the Luce.

Ferrari has positioned the Luce to target emerging affluent customers already accustomed to electric vehicles in markets like China and Silicon Valley in the U.S., while reportedly instructing dealers not to force the transition on existing internal combustion engine enthusiasts.

The company aims to sell a cumulative 2,500 units (600 units annually) by 2030, which accounts for about 5% of its total annual sales, a target analysts view as achievable.

Chief Executive Officer (CEO) Benedetto Vigna has previously stated that thanks to the limited volume, the EV business will not dilute the company's operating profit margin, which hovers around 30%.

Industry insiders are paying attention to the background behind Ferrari's choice of an unconventional design, unconstrained by the sentiments of existing internal combustion engine customers such as engine exhaust notes.

Some analyses suggest that the company opted for a restrained design where one has to look closely to recognize it as a Ferrari, taking into account local sentiments in China—where regulations on internal combustion engines are tightening—against flashy or conspicuous consumption.

Luxury car analyst Scott Sherwood evaluated that "Ferrari's marketing and customer insight are a cut above its competitors."

Previously, the day after the unveiling, a delegation led by Chairman John Elkann visited Pope Leo XIV's papal residence, presenting the Pope with a test drive and the steering wheel of the Luce.

Ferrari plans to put the first production units of the Luce up for charity auction during the Monterey Car Week event in California, U.S., in August, with auction house Sotheby's projecting the winning bids to exceed 1.1 million dollars (1.61 billion won).

With Ferrari's second-quarter earnings announcement scheduled for the 30th (local time), attention is focused on whether this turnaround surrounding the Luce will impact its financial performance.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.