Ferrari's 1st EV might not be a flop after all
What's the story
Ferrari's first electric vehicle (EV), the Luce, has met its sales target within just two months of its launch. The Financial Times reported that the Italian automaker had set a target to sell just under 500 units of the $630,000 EV this year. However, they have already met that goal in a short span of time.
Market response
China is a key market for the Luce
The Luce, which was largely designed by Jony Ive and his firm LoveFrom, has a strong appeal in the Chinese market. Reports indicate that at least 20% of the units sold will be headed to China.
The vehicle's fast, sleek four-door design fits well with China's preference for such models.
However, the styling of the Luce had drawn criticism from some quarters when it was first unveiled.
Customer loyalty
Loyal customer base drives demand
Ferrari has a dedicated customer base that isn't overly concerned about price tags.
The company sold over 13,000 cars last year, a huge number for an automaker dealing in six-figure vehicles.
Many of these customers own multiple models and may be interested in a practical vehicle like the Luce.
This factor could have contributed to the early success of Ferrari's first EV.