Ferrari's Controversial Luce EV Thrives Despite Online Criticism

WHO:

Fortune - Ferrari, an Italian supercar brand, and CEO Benedetto Vigna are involved in the launch of the Luce EV.

Fortune - Luca di Montezemolo, former president and chairman of Ferrari, criticized the Luce.

WHAT:

Fortune - Ferrari announced its first electric vehicle, the Luce, in May.

Fortune - The Luce has a sales target of 500 units for 2026 and a long-term goal of 2,500 units by 2030.

Fortune - Ferrari's shares fell 8% in a single day following the Luce's announcement.

CNBC - CEO Benedetto Vigna stated he "would not change anything" about the Luce's launch.

CNBC - Ferrari sold 13,640 vehicles last year and reported its order books are full through 2027.

Fortune - The Luce is priced at approximately $640,000 (550,000 euros).

Fortune - Ferrari reported revenue of 1.94 billion euros ($2.2 billion) for its second quarter.

Fortune - Ferrari raised its revenue outlook to 7.6 billion euros ($8.7 billion) for the year.

WHERE:

CNBC - The Luce was unveiled at the Vela di Calatrava, Città dello Sport in Rome.

WHEN:

Fortune - The Luce was launched on May 25, 2026.

Fortune - Ferrari's sales target for the Luce is set for 2026, with a long-term goal extending to 2030.

WHY:

Fortune - Ferrari aims to capture wealthy Chinese and Silicon Valley buyers who are comfortable with EVs.

Fortune - The backlash against the Luce's design led to a decline in Ferrari's shares.

HOW:

Fortune - The Luce features a unique design with rounded surfaces, large wheels, and four doors, differing from traditional Ferrari models.

(UPDATED July 31, 2026 13:32 UTC)

Ferrari has officially launched its first electric vehicle, the Luce, which was unveiled at the Vela di Calatrava in Rome and has a sales target of 500 units for 2026, aiming for a long-term goal of 2,500 units by 2030. CEO Benedetto Vigna expressed confidence in the launch, stating he "would not change anything," despite criticism from former president Luca di Montezemolo regarding the Luce's design, which has contributed to an 8% drop in Ferrari's shares since the announcement. Priced at approximately $640,000, the Luce is part of Ferrari's strategy to attract wealthy buyers in China and Silicon Valley, as the company reported a revenue increase and full order books through 2027.