Ferrari Luce EV debut defended by CEO after investor backlash

Ferrari Luce EV reaction is still a live issue for investors because the car is Ferrari’s first fully electric model and its debut briefly hit the stock. CEO Benedetto Vigna said Thursday that the company remains satisfied with how it introduced the Luce, despite criticism of the car and an 8.4% one-day decline in U.S.-listed Ferrari shares after the unveiling.

“I would not change anything in the launch of Luci. We are very pleased about what has been done,” Vigna told reporters on a call about Ferrari’s second-quarter results.

The comment matters because Ferrari is trying to add battery-electric technology without weakening the brand formula that supports its pricing power. For a company that sold 13,640 vehicles last year, even a low-volume model can shape investor confidence if it signals how customers receive Ferrari’s next generation of cars.

What is the Ferrari Luce EV?

The Luce is Ferrari’s first all-electric vehicle, priced at 550,000 euros, or about $640,000. Ferrari unveiled the model in May, and the car stands apart from the company’s familiar look with a minimalist interior, screens and a rounded exterior design.

The vehicle was designed by Jony Ive, the former Apple design chief. Ferrari also staged the reveal in steps, showing the interior before the full launch and releasing online videos about the car’s development and arrival.

Vigna said that approach was intentional because the Luce introduced many new features for the brand. He told reporters that the staggered rollout was “the best way” to help people understand what was new about the car.

What did Ferrari say about orders?

Vigna declined to disclose how many Luce orders Ferrari has received or how many units it expects to sell. Ferrari said its overall order books are filled through 2027. An order book is the list of customer orders a company has accepted but not yet delivered.

The Financial Times reported Wednesday that Ferrari aimed to sell just under 500 Luce units this year and that the quota was filled in less than two months after the May 25 launch. Vigna declined to comment on that report, saying only that Ferrari was “proceeding as planned.”

The order question is especially sensitive because Ferrari operates differently from mass-market automakers. Its business depends on scarcity, high prices and brand control, so the company does not need EV volume on the scale of mainstream carmakers for the Luce to be financially meaningful.

Why did Ferrari shares react to the Luce debut?

U.S.-listed Ferrari shares fell 8.4% after the Luce debut, their largest daily drop so far this year, amid negative reactions to the model. Criticism included comments from Luca di Montezemolo, a former Ferrari executive.

The shares have since recovered, according to the report. The rebound does not erase the signal from the initial move: investors treated the Luce as more than a new model launch. They viewed it as a test of whether Ferrari can enter fully electric vehicles while keeping the design appeal and exclusivity that support its valuation.

This story draws on original reporting from CNBC.