Ferrari's controversial Luce electric model has hit its 2026 sales target just two months after its launch
Although the design of the first electric car was controversial and was opposed by investors and fans, the brand has achieved the model's sales target for this year based on strong market demand. The Italian carmaker did not disclose sales targets for the Luce model. However, two people familiar with the matter revealed that the company originally planned to sell nearly 500 units of this electric vehicle this year. The car is made by Designed by former designer Jonny Ivey, the starting price is 550,000 euros. One of the people familiar with the matter said the sales target was reached in early July, just two months before the controversial model was officially launched. When it first launched, many commentators on social media mocked its alternative appearance, comparing its design to much cheaper Volkswagen models. At that time, former Ferrari chairman Luca Cordero di Montezemolo even called for the withdrawal of the Luce model's iconic prancing horse logo. On the first trading day after the new car was unveiled in May, the share price of the Milan-listed car company fell by more than 8%. Troubles ensued. Enrico Galliera, Ferrari's chief marketing and commercial officer who had served for many years, suddenly resigned this month. However, Ferrari stated that this personnel change was due to Arrangements for the former executives to take over were finalized before Luce was released. Ferrari will release its second-quarter earnings on Thursday. The company defended the Luce, saying it launched the car as a way to demonstrate its technological prowess and attract a new generation of high-net-worth customers - especially those in China and tech hubs like Silicon Valley who are already used to driving electric cars. The car company has set a long-term goal: to sell a total of about 2,500 Luce units by 2030, equivalent to an annual average of 600 units. This scale accounts for approximately 5% of Ferrari's total annual sales, and many analysts believe that this goal is feasible. CEO Benedetto Wigner also said that due to limited production, Ferrari's entry into the field of electric vehicles will not erode its industry-leading operating profit margin of up to 30%. Ferrari declined to comment on Luce's sales targets or delivery figures since its launch. Despite the negative public opinion in the early days, people familiar with the matter revealed that Luce has strong demand for orders and has received good feedback from American technology entrepreneurs. Scott Sherwood, an independent analyst in the luxury car industry, said when talking about Ferrari's strategy to accurately target Luce's customer base: "Compared to many competing products, Ferrari's marketing capabilities and customer insights are at a higher level." Jefferies analyst James Grzynich pointed out in a client research report that the booming development of artificial intelligence-related technology companies has spawned a large number of new wealthy people, and Ferrari is expected to tap market opportunities from them. According to Sotheby's auction house, Ferrari will auction the first production version of the Luce for charity at Monterey Car Week in August. Monterey Car Week is an annual event in California that focuses on rare classic cars and luxury models; this customized version is expected to fetch more than $1.1 million.