"Who Would Buy an 'Ugly' Car?" Despite Harsh Reviews, All $920,000 Ferraris Already Sold Out

Ferrari's First Electric Vehicle, the Luce
The First Four-Door, Five-Seater Model in Ferrari's History
Starting at 550,000 Euros (Approx. 920 Million Won)

Despite harsh criticism of its design, Ferrari's first electric vehicle, the Luce, which was released this year, achieved its sales target ahead of schedule, driven by its popularity in the Chinese market.

Ferrari's first electric vehicle, Luce. REUTERS.

On July 29 (local time), the Financial Times (FT) reported, citing two sources, that Ferrari had already reached its annual sales target of 500 units for the Luce earlier this month. This accomplishment came just two months after the vehicle's launch in May, with particularly high demand noted in China.

The Luce is Ferrari’s first 4-door, 5-seater model in the company’s history and was designed by Jony Ive, former Chief Design Officer (CDO) at Apple. Its starting price is 550,000 euros (approximately 920 million won).

At its unveiling, the Luce's rounded and solid exterior—rather than Ferrari’s characteristic sleek aesthetic—drew ridicule on social media, with comparisons to mass-produced budget vehicles. Luca di Montezemolo, former Ferrari chairman, stated, “Our legend is at risk of crumbling,” and argued that the Cavallino Rampante (Prancing Horse) emblem should be removed from the Luce.

Ferrari’s stock, which is listed on the Milan Stock Exchange, dropped by more than 8% on the next trading day after the unveiling. In the aftermath, Enrico Galliera, Chief Marketing Officer (CMO), abruptly resigned this month and was replaced by a former BMW executive. However, Ferrari stated that this personnel change had been planned before the launch of the Luce.

Ferrari has positioned the Luce as a strategic model targeting affluent new customers who are already familiar with electric vehicles in markets such as China and Silicon Valley in the United States. Reports indicate that dealers were instructed not to pressure traditional internal combustion engine enthusiasts to make a switch.

Chief Executive Officer (CEO) Benedetto Vigna emphasized that the limited production volume of the electric vehicle business would not harm the company’s roughly 30% operating profit margin.

The Luce aims for a cumulative sales total of 2,500 units—approximately 600 units annually—by 2030. This amounts to about 5% of Ferrari’s total annual sales, and analysts believe the target is achievable.

Industry observers have noted that Ferrari’s success in quickly reaching its goal is attributable to its bold design choices, unconstrained by the emotional attachment of traditional internal combustion engine customers to elements such as engine sound. In China, where regulations on internal combustion engines are tightening and overt displays of consumption are discouraged, some believe that the Luce’s understated design—so restrained it takes a close look to recognize it as a Ferrari—actually played to its advantage in the local market.

Luxury car analyst Scott Sherwood stated, “Compared to its competitors, Ferrari maintains an edge in marketing and customer insight.”

Meanwhile, with Ferrari set to announce its second-quarter earnings on July 30 (local time), attention is focused on whether this surprising turnaround surrounding the Luce will also impact Ferrari’s performance.

This content was produced with the assistance of AI translation services.