Ferrari’s First EV, Luce, Hits Annual Sales Target Early Amid Strong Demand in China

Ferrari’s first all-electric model, the Luce, has already surpassed its full-year 2024 sales target as of July. Officially unveiled in May with a starting price of €550,000 (approximately RMB 4.239 million), the vehicle was led in design by former Apple Chief Design Officer Jony Ive. Despite sparking widespread controversy over its styling—even drawing criticism from some enthusiasts and former executives—two informed sources revealed that Ferrari’s original 2024 sales target for the Luce was fewer than 500 units, a figure achieved within just two months of its launch. Following the Luce’s debut, Ferrari’s share price dropped more than 8% on its first trading day. Shortly afterward, Enrico Galliera, the company’s Chief Marketing and Commercial Officer, departed; however, Ferrari stated this personnel change had been decided prior to the car’s launch. The company emphasized that the Luce is intended to showcase technological prowess and attract a new generation of high-net-worth clients, particularly targeting markets with high EV adoption rates such as China and Silicon Valley in the U.S., while explicitly instructing dealers not to pressure traditional internal combustion engine collectors into switching to electric models. According to Ferrari’s long-term roadmap, it plans to sell approximately 2,500 Luce units cumulatively by 2030—averaging around 600 units annually, representing roughly 5% of its global yearly sales volume. The company affirmed that the limited scale of this electric model will not impact its operating profit margin, which remains around 30%. Sources close to Ferrari noted strong order intake from the Chinese market and positive feedback from tech entrepreneurs in the United States. Additionally, the first production-spec Luce will be auctioned for charity by Sotheby’s during Monterey Car Week in California in August 2024, with an expected hammer price exceeding $1.1 million (approximately RMB 7.456 million). Ferrari has not disclosed specific sales or delivery figures and declined to comment further.