Ferrari Says Its Jony Ive-Designed Luce EV Is Sold Out for 2027

Vigna said every Luce the company plans to build next year is "fully allocated" to a buyer, TechCrunch reported. "If someone comes, he has to wait one year to get the cars," he said. Ferrari expects first deliveries of the five-seat EV in the fourth quarter. Reuters reported that the company expects demand to keep growing.

The Luce was designed by Jony Ive, Apple's longtime design chief, and starts at about $615,000. Its debut was widely mocked and sent Ferrari's shares lower.

Ferrari has never said how many Luce cars it plans to build. Citing unnamed sources, the Financial Times reported earlier this year that the company planned to sell just under 500 this year and aimed for 2,500 by 2030, or about 600 a year. Vigna did not say who the buyers are. He said they were "a good mix in terms of client" and in geography, with no particular pattern among them.

Quarterly Results

Ferrari reported third-quarter revenue of €1.9 billion, up 7% from a year earlier, and net income of €431 million, up 13%. Operating profit was €563 million, an operating margin of 29.7%, one of the highest in the car industry.

The company now expects full-year adjusted earnings of at least €3 billion ($3.36 billion), up from its earlier guidance of €2.97 billion. Executives said customisation made up more than 21% of revenue from cars and spare parts. The company also pointed to deliveries of the F80, its limited-run hypercar, and said clients have an "ever-deepening desire" to make each car their own.

Why It Matters

The Luce is a test of whether a luxury brand built on combustion engines can sell a costly electric model on pricing power and exclusivity. Elsewhere in the industry, EV demand has been uneven. Selling out a year ahead, at a price far above most of the market, suggests the very wealthy buyers Ferrari targets are not deterred by the switch to electric power or by the criticism of the car's styling. It also lets Ferrari hold to tight production limits instead of chasing volume. Because Ferrari will not say how many cars it is building, though, the sell-out says more about demand against a small, controlled supply than about the overall size of the market for luxury EVs.