Ferrari's Luce EV Sells Out for 2027 Despite Launch Backlash

Ferrari's first electric car, the Luce, is fully allocated for 2027 — every unit the company plans to build next year already has a buyer. CEO Benedetto Vigna confirmed the sellout on Tuesday during Ferrari's third-quarter earnings call. "If someone comes, he has to wait one year to get the cars," Vigna said.

The five-seater EV starts at about $615,000 and carries a design signature from Jony Ive, Apple's longtime design chief. Ferrari unveiled the Luce in May to widespread mockery, and the criticism sent Ferrari's stock price lower at the time. That backlash, according to Vigna, hasn't dented demand.

First deliveries are expected to begin in the fourth quarter. Ferrari has never disclosed how many Luce cars it plans to build. The Financial Times reported earlier this year, citing unnamed sources, that Ferrari aimed to sell just under 500 units this year. The same report put the longer-term target at 2,500 units by 2030, or roughly 600 a year.

Who is buying the Luce?

Vigna wouldn't break down the customer list. He described it only as a "good mix in terms of client, it is a good mix also in terms of geography." He later added there's no specific pattern or demographic among Luce buyers. Speculation about who the buyers are — founders of multibillion-dollar AI labs, perhaps — will stay speculation until Luces appear on public roads.

What drove Ferrari's Q3 numbers?

The Luce hasn't generated a euro of delivery revenue yet, but Ferrari's existing lineup delivered a strong quarter. Revenue hit €1.9 billion, up 7% from a year earlier. Net income rose 13% to €431 million. Operating profit came in at €563 million, for an operating margin of 29.7% — Ferrari kept roughly 30 cents of every dollar of revenue as profit from its core business, among the highest margins in the auto industry.

Personalization was a key profit engine. Customizations accounted for more than 21% of revenue from cars and spare parts, executives said. Deliveries of the F80, Ferrari's limited-run hypercar, reinforced the trend. The company said the F80 and customization work reflect clients' "ever-deepening desire" to make each Ferrari uniquely their own.

That strength let Ferrari raise its full-year guidance. The company now expects adjusted earnings of at least €3 billion ($3.36 billion), up from a previous forecast of €2.97 billion.

The raised guidance and the Luce sellout together suggest Ferrari's pricing power survived the May controversy intact. The real test starts in the fourth quarter, when the first Luce deliveries show whether buyers keep their reservations once the cars leave Maranello.