Initial Criticism Did Not Dampen Demand
Ferrari’s first electric vehicle, the Luce, has secured buyers for its entire 2027 production run despite significant initial backlash. When the five-seater EV debuted in May, it was widely mocked for its design, which was created by Jony Ive, the longtime design chief at Apple. The negative reception was severe enough to cause a dip in Ferrari’s stock price at the time of the reveal. However, according to CEO Benedetto Vigna, this criticism has not slowed down sales.
During the company’s third-quarter earnings call on Tuesday, Vigna stated that the 2027 production run is "fully allocated." This means that every car Ferrari intends to build next year already has a committed buyer. Vigna noted that new customers who wish to purchase the vehicle now must wait approximately one year to receive their car. The first deliveries of the Luce are scheduled to begin in the fourth quarter of this year.
Production Numbers and Pricing
The Luce starts at a price of approximately $615,000. Ferrari has not publicly disclosed the exact number of Luce vehicles it plans to produce annually. However, the Financial Times reported earlier this year, citing unnamed sources, that Ferrari intended to sell just under 500 units this year. The company’s longer-term target, also according to the Financial Times, is to sell 2,500 units by 2030, which averages to about 600 units per year.
Vigna declined to provide a detailed breakdown of the customer base for the Luce. He described the buyer demographic as a "good mix" in terms of both client type and geography. He further added that there is no specific pattern or distinct demographic among the Luce buyers, leaving speculation about who these high-profile customers are to remain unverified until the vehicles are seen in public.
Strong Third-Quarter Financial Performance
While Luce deliveries have not yet begun, Ferrari’s financial results for the third quarter were bolstered by its existing lineup and high demand for personalized options. The company reported third-quarter revenue of €1.9 billion, a 7% increase from the same period last year. Net income rose by 13% to €431 million. Operating profit reached €563 million, resulting in an operating margin of 29.7%, indicating that the company retained roughly 30 cents of every dollar of revenue as profit from its core operations.
A significant driver of this performance was revenue from customizations. Executives stated that customization revenue accounted for more than 21% of total revenue from cars and spare parts. This trend reflects what the company described as clients’ "ever-deepening desire" to make their Ferraris uniquely their own. The strong demand for the F80, a limited-run hypercar, also contributed to the positive results.
Updated Full-Year Guidance
Based on these strong results, Ferrari has raised its full-year financial guidance. The company now expects adjusted earnings of at least €3 billion, which is equivalent to $3.36 billion. This is an increase from the previous guidance of €2.97 billion. Ferrari continues to enjoy some of the highest profit margins in the automotive industry, with the recent quarter demonstrating the resilience of its brand and its ability to command premium prices for both standard and customized vehicles.
The success of the Luce, despite its polarizing reception, suggests that Ferrari’s brand equity and the exclusivity of its electric offering are strong enough to sustain high demand. As deliveries begin later this year, attention will likely turn to the real-world presence of the vehicle and the identity of its owners.