Abstract:
Although it was controversial at the beginning of its release and even caused market doubts, Ferrari's first pure electric car Luce still showed strong market appeal. On November 3, local time, Ferrari CEO Benedetto Vigna stated on the company’s third quarter financial report conference call that all Luce models corresponding to the 2027 production capacity have been sold out, and all planned vehicles have found buyers.
Luce is the first pure electric model in Ferrari's history, and it is also one of the most controversial Ferrari products in recent years. The five-seater electric car was designed by former Apple chief design officer Jony Ive. After its debut in May this year, its exterior design and product positioning sparked widespread debate, with many comments taking a negative attitude, even causing Ferrari's stock price to fall under pressure in the short term.
However, market demand has not been significantly affected by these criticisms. Vigna revealed that the Luce, which starts at about $615,000, has achieved "full quota allocation," meaning that every vehicle the company plans to produce in 2027 has been reserved by customers. He said that if consumers place an order now, they will have to wait at least a year to pick up the car. According to the plan, the first deliveries of Luce are expected to start in the fourth quarter of this year.
It's unclear exactly how many cars "all sold out" corresponds to, as Ferrari has never publicly disclosed the detailed production scale of the Luce. The Financial Times previously reported, citing people familiar with the matter, that Ferrari plans to sell close to 500 Luces this year. According to the long-term goal disclosed by the newspaper, the company hopes to sell a total of 2,500 units of this model by 2030, with an average of about 600 units per year.
There is a lot of speculation in the market about which consumers are buying this controversial all-electric Ferrari. However, Vigna did not disclose the specific composition of its customers, saying only that the buyer group showed good diversification characteristics in terms of geography and customer types. He further emphasized that there is no specific group profile or obvious consumption pattern among Luce owners.
Although formal deliveries of the Luce have not yet begun, Ferrari's existing product lineup and its growing personalization business continue to drive growth. Management stated that customized service revenue has accounted for more than 21% of the automotive and parts business revenue, playing an important role in improving profits.
The delivery of the limited-edition F80 supercar and the increasing demand for personalization reflect customers' growing desire to create unique Ferraris, the company said. Driven by this, Ferrari has raised its full-year performance forecast and currently expects adjusted full-year profits to reach at least 3 billion euros, higher than the previously expected 2.97 billion euros.
The financial report shows that Ferrari achieved revenue of 1.9 billion euros in the third quarter, a year-on-year increase of 7%; net profit reached 431 million euros, a year-on-year increase of 13%. Operating profit during the same period was 563 million euros, and the operating profit margin reached 29.7%. This means that in the company's core business, about 30 cents of every dollar of revenue earned can be converted into operating profits, continuing to maintain leading profitability levels in the automotive industry.
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