Ferrari's First EV Proves Critics Wrong

When Ferrari revealed the Luce — its first electric vehicle — to the public in May, the internet reacted. And not in a positive way. Critics compared the wedge-shaped Luce with a Nissan Leaf and said Chinese electric vehicles would outperform it, while undercutting it on price. Even former Ferrari chair Luca Cordero di Montezemolo was among the haters. Ferrari's stock dropped 8% the day after the reveal. Their conclusion: the Luce would be a dud.

It turns out, the armchair auto executives were wrong about the five-seater that was largely designed by Jony Ive and his firm, LoveFrom.

A Surprising Sales Figure

Ferrari hit this year's sales target for the Luce in just two months, according to a report by the Financial Times. The automaker was hoping to sell just under 500 of the €555,000 electric vehicles ($630,000), and based on previous reports, it sounds like at least 20% will make their way to China. That's not surprising, given that the Luce seems tailor-made for the Chinese market, which favors fast, sleek four-door electric vehicles.

Style Over Substance?

Much of the internet's hate was directed at the Luce's styling, which hewed to some Ferrari norms while throwing others out the window. Appearance is subjective, and I've seen enough cars in my day to know that some designs don't translate well on screen. Maybe seeing one in person tipped buyers into placing an order.

Ferrari's Price-Insensitive Customer Base

What's more, Ferrari has an enthusiastic and price-insensitive customer base. The company sold more than 13,000 cars last year, which is a lot for an automaker that specializes in six-figure vehicles. Ferrari buyers tend to own several models, so it's also not difficult to imagine 500 of them wanting a practical vehicle that's also a Ferrari.

Is the Luce Worth It?

Is the Luce worth the price of admission? Early reviews suggest that it drives like a Ferrari should. Plus, it has the prancing horse on the hood. That appears to be all Ferrari needs to succeed.

The Verdict

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Ferrari's first electric vehicle has proven that sometimes the crowd isn't so wise. The Luce has hit its sales target in just two months, and it's likely that at least 20% of those vehicles will make their way to China. The Luce may not be for everyone, but it's clear that Ferrari's price-insensitive customer base is eager to get behind the wheel of this sleek, fast, and practical electric vehicle.