Source: Fortune
Summary
Ferrari’s electric vehicle, the Luce, has met its sales target of 500 units in 2026, despite being mocked online for its design. The company’s shares fell 8% after the car’s release in May, but have since rebounded. Ferrari has warned its dealers not to pressure customers to switch to EVs. CEO Benedetto Vigna said he was “very pleased” with the orders, and the company has raised its outlook for the year. Ferrari’s shares were up 3% after the company reported its quarterly earnings.
Our Reading
The numbers tell one story. Ferrari’s Luce has sold 500 units in two months, despite online ridicule. The company has positioned the Luce as its solution to capturing wealthy Chinese and Silicon Valley buyers who are already comfortable driving EVs. Ferrari has warned its dealers not to pressure customers to switch to EVs, and CEO Benedetto Vigna said he was “very pleased” with the orders. The company has raised its outlook for the year, and its shares were up 3% after the quarterly earnings report. Ferrari’s sales achievement comes as EV market share has fallen in the U.S., and competitors have pulled back on the EV market amid lackluster sales.
Author: Evan Null
