Ferrari Pleased with Luce EV Launch Despite Criticism, Says CEO Vigna
Quick Look
- Ferrari CEO Benedetto Vigna expressed satisfaction with the Luce all-electric vehicle's launch, despite initial criticism and a stock decline.
- The company's order books are full through 2027, and the Luce's initial sales quota was reportedly filled quickly.
AI-generated summary
Why It Matters
Ferrari launched its first all-electric vehicle, Luce, to significant criticism and a decline in its shares, despite the CEO's satisfaction. The car features a minimalistic design by Jony Ive, departing from traditional Ferrari aesthetics.
Ferrari is pleased with the launch of the Luce all-electric vehicle despite significant criticism upon the car's debut, according to CEO Benedetto Vigna.
He said Thursday that the famed Italian automaker "would not change anything" about the vehicle's launch this spring, which caused a notable decline in Ferrari shares amid negative reactions to the car, including from former Ferrari executive Luca di Montezemolo.
"I would not change anything in the launch of [Luce]. We are very pleased about what has been done," Vigna told reporters during a call to discuss Ferrari's second-quarter results.
Vigna declined to disclose orders or expected sales for the 550,000 euro (roughly $640,000) Luce, but the company, which sold 13,640 vehicles last year, said its order books are full through 2027.
The Financial Times reported Wednesday that Ferrari aimed to sell just under 500 units of the Luce model this year, and the quota was filled in less than two months after the car's May 25 launch.
"We are very much satisfied because we are proceeding as planned," Vigna said, declining to comment on the report.
The Luce was designed by former Apple design chief Jony Ive and is a departure from the aesthetic of typical Ferraris, with a minimalistic interior design, screens and a bubbly exterior. It is Ferrari's first all-electric vehicle.
The company also did a tiered rollout of the vehicle, revealing its interior ahead of time and posting videos online about the vehicle's development and arrival.
"The car has a lot of new things and that was the best way to make sure that the people understand all the novelties of this car," Vigna said. "So that has been very good."
U.S.-listed shares of Ferrari experienced their largest daily decline so far this year, falling 8.4%, following the vehicle's debut. The stock has since recovered.
Open Questions
- What specific criticisms were made about the Luce's design?
- What are the exact order numbers for the Luce?
- How will the Luce's performance impact Ferrari's long-term EV strategy?
