Ferrari CEO says Luce EV is ‘clocking up orders’ despite design backlash

Ferrari CEO Benedetto Vigna said the $640,000 Luce EV is already taking orders from both existing and new customers, with the order book extending to late 2027 ahead of first deliveries in October 2026. The update partially offsets the post-unveiling backlash, after Ferrari shares fell as much as 8% before recovering more than 3%. The data suggest early demand is strong enough to support Ferrari’s EV investment, though some orders may be driven by collector allocation dynamics rather than pure end-demand.

Analysis

The market is likely over-weighting the launch-day optics and under-weighting the more important signal: Ferrari has validated that ultra-high-net-worth demand for its first EV is not just theoretical. For a brand like RACE, the key economic lever is not unit volume but whether the EV broadens the addressable customer base without diluting scarcity; early orders extending well beyond first deliveries imply the company can de-risk its electrification spend while preserving pricing power.

Second-order, this is a competitive signal to the premium performance segment. If Ferrari can secure deposits on a polarizing EV while maintaining a long backlog, it raises the bar for Porsche, Lamborghini and even McLaren to justify any slower or more hesitant EV roadmap — especially as EV buyers in this bracket are increasingly buying technology as much as heritage. The risk is that the order book is partially “allocation currency” rather than true end-demand, which means conversion into loyal repeat EV buyers may be weaker than headline demand suggests.

The near-term stock setup is asymmetric: the selloff after the reveal was driven by sentiment, but the first credible order data should compress the probability of a demand miss. The real downside catalyst is not one bad review cycle, but evidence that Ferrari enthusiasts refuse to reorder after the first tranche, or that production/execution issues slip deliveries beyond 2026-2027 and turn current enthusiasm into disappointment. Over months, the market should re-rate RACE on proof that the EV can coexist with, rather than cannibalize, its ICE halo products.

Key Decisions for Investors

• Add RACE on pullbacks over the next 1-2 weeks: the launch-induced sentiment washout looks overdone versus the evidence of multi-year order visibility; favor scaling in rather than chasing strength.
• Buy RACE call spreads 3-6 months out to express a re-rating from demand validation, targeting a move back toward pre-unveil sentiment levels; risk is capped if the order book proves mostly symbolic.
• Pair trade: long RACE / short a basket of lagging premium OEMs with weaker brand scarcity or slower EV credibility (e.g., P911, VOW3 if accessible) for 6-12 months; thesis is Ferrari monetizes electrification without brand damage while peers face margin pressure.
• Avoid shorting RACE on the launch headline alone; the better short would only emerge if future quarterly disclosures show cancellations, delivery slippage, or weaker repeat ordering from existing clients.
• Watch for the first delivery/option mix commentary in 2026 as the key catalyst window; if take rates remain strong, consider adding on confirmation that the EV is not just a quota-fill product but a durable new profit pool.