Ferrari’s Inaugural Electric Vehicle: Not for Every Driver

Ferrari’s first-ever electric vehicle has generated significant buzz.

Unveiled on Monday, the model is called Luce. Its five-seater design (gasp!) draws heavy influence from Jony Ive and his design studio in collaboration with Marc Newson, LoveFrom. With an impressive 1,000 horsepower and the ability to reach 60 mph in just over two seconds, it’s poised to become one of the most mocked vehicles since the Cybertruck.

Criticism of the wedge-shaped, Nissan-esque design ranges from brief comments to outright disgust. Ferrari’s stock has taken a hit, and even impartial media have noted the backlash. (Bloomberg referred to the Luce as “quite a stretch.”)

At the heart of this immediate disapproval lies a central question: Who is the Luce actually for?

Clearly, it’s not targeted at me or most readers. With a retail price of about $650,000, and given Ferrari’s reputation, even if you can buy it, you’ll find the brand to be quite selective about its clientele.

Is it aimed at existing Ferrari owners? Typically, yes — over 80% of those who purchased a Ferrari last year were already owners. However, it’s hard to see that demographic getting excited about a car that lacks the fierce aesthetics that have adorned many a bedroom wall for years.

Is it intended for other car designers? Possibly. Car manufacturers often look to one another for inspiration, and certain features in the interior — with its numerous clicky buttons and knobs, marking a shift for Ive — could be positively implemented elsewhere.

Is it geared towards regulators? Perhaps. The European Union is enforcing strict regulations on new internal combustion engine vehicle sales by 2035, and the Luce may symbolize Ferrari’s first step toward a lineup that complies with those forthcoming rules.

Indeed, during an interview with Cleo Abram, it became clear that this external pressure has greatly influenced Ive. Abram was privy to one of four “secret” books created by Ive at the project’s inception, containing a mix of mood board visuals and notes from the iconic iPhone designer.

Ive is quoted as saying that designing an electric Ferrari is akin to how luxury watchmaker Patek Philippe adjusted during the shift from mechanical to quartz timepieces. He noted that Patek Philippe thrived “primarily because it survived and evolved in the transition” by balancing classic timepieces with quartz models.

However, he also commented: “Had it been mandated that Patek Philippe transition its entire product line to quartz, the resulting challenge would seem comparable to the transformation Ferrari is undergoing.” Quite revealing!

Nonetheless, I find it hard to believe this is merely a compliance vehicle. The company expects the Luce to be profitable right from the start. Moreover, Ferrari’s Chief Marketing and Commercial Officer stated to the Financial Times that they designed the Luce to be “polarizing.”

He further admitted that Ferrari’s primary target audience for the Luce consists of individuals who “already own an electric car.”

That statement is almost as unconventional as the Luce’s design. By definition, it implies that Ferrari isn’t banking on existing owners to drive most Luce sales.

This brings us to perhaps the most accurate conclusion: China. While Chinese buyers have historically made up about 10% of Ferrari’s total sales, those numbers have dwindled, and the automaker’s executives are eager for their first EV to spark renewed interest in the largest global market for electric vehicles.

Seen from this angle, the Luce’s design starts to make more sense, as it seems to reflect some aesthetics emerging from China’s booming automotive industry in recent years.

So maybe a more relevant question is: Will Chinese consumers, who currently have access to a vast array of high-performance, high-tech, and affordable options, be inclined to pay a premium for the prestige that comes with the prancing horse logo?