Ferrari diehards debate whether buying its first EV is test of loyalty
Group has banned dealers from bundling Luce sales and access to exclusive models as it seeks new clients
For many loyal Ferrari collectors, the big question is not whether to splash out for its controversial new electric sports car — but whether doing so might put them in the pole position to buy more exclusive petrol-burning models later on.
The streamlined Luce, the brainchild of former Apple designer Jony Ive, triggered an uproar on social media and was rebuked by Italian politicians and former executives.
But the reaction was more neutral among the 1,600 enthusiasts and potential buyers at last week’s two-day launch event in Rome. Some Ferrari owners have bought lower-range models in the past as a way to gain better access to more exclusive supercars later on. Now the question is whether buying the Luce will elevate them in the carmaker’s highly secretive client ranking.
Ferrari has issued strict orders, both verbal and written, to prevent dealers from suggesting that buying the €550,000 Luce would give customers a stronger position on its loyalty list. But many potential buyers in various locations still believe that to be the case.
One Ferrari dealer in western China said he thought buying a Luce would bring significant benefits in the future.
“We’ve heard that Luce will come with very attractive credit rewards, much higher than those for petrol cars,” he said. “That would make it easier to qualify for the purchase of certain limited edition models.”
Clients may still assume that “buying a Luce is a very good way of signalling to Ferrari . . . that you believe in the mission”, said Bernstein analyst Stephen Reitman.
The luxury car group is aiming to sell about 2,500 Luce vehicles by 2030 — a target equal to roughly 5 per cent of its sales each year, which is seen as an achievable target by most analysts.
Ferrari declined to comment on the target figure, but people close to the company said it was focusing sales of the EV on new customers in places such as Silicon Valley and China instead of its traditional collectors.
“Ferrari doesn’t want us to sell it to clients who think that buying this will give them the upper hand with other internal combustion engine models,” said one dealer in Europe. The carmaker wanted “people to buy for no other reason than that you love it and want to drive it”, the dealer added.
While Ferrari does not disclose details of its client ranking or allocation policy, owners of its sports cars and analysts said it closely tracked customer data, including the number of cars purchased over the years, how long those models were kept and how they are maintained. The participation rate in Ferrari-organised events and how much the cars were driven after being purchased were also taken into account, they said.
“When selecting clients for highly sought-after models, such as limited editions, we prioritise those with whom we have established long-term, strong relationships,” the company said. “We value every interaction a client has with Ferrari.”
The collectors’ ranking on the loyalty list is crucial when qualifying to purchase cars in the much sought-after “special series” such as the Icona and the XX Programme, say owners and analysts.
Ferrari limited sales of its latest €3.6mn F80 supercar to 799 and a special edition model it added to its 599-run Daytona SP3 sold for a record $26mn at a charity event in California last year. Increasing desirability by limiting volumes is a signature Ferrari policy that has bolstered the carmaker’s industry-beating margins.
Despite Ferrari’s stern warning of linking the Luce to new model access, the message may not have reached some dealers in different countries.
One Ferrari owner in China said he was told by his dealer that purchasing the Luce would contribute to boosting his loyalty ranking and give him better access to future releases of limited edition models.
But a UK collector, who wants to test drive the Luce before deciding to buy it, said his decision is likely to have “zero effect” on whether he gets better access to Ferrari’s next limited model.
“For people like me who like to get hold of the limited edition cars, we sometimes get preferred to buy some of the more common cars . . . but there’s been zero pressure on that for this car,” he added.
Ferrari said the company has made it clear to its dealers that the Luce “must not be bundled together with other models or special editions”.
Since the launch, Ferrari’s chief executive Benedetto Vigna has expressed his confidence that demand for the Luce would be strong. “Look at the people writing to us, the people placing orders,” he said at a recent event in Modena. “Some are existing clients and others are new.”
The carmaker’s share price, which fell 8.5 per cent in Milan a day after the Luce launch, has recouped some of its losses, while shares in New York are back to prelaunch levels.
Still, some Ferrari owners have expressed disappointment not only with the Luce’s design but also with the technical features of its first five-seater sports car with a range of 530km. The vehicle is able to hit 100 kilometres per hour in about 2.5 seconds, slower than 1.7 seconds for Rimac’s electric Nevera model.
Vigna has shaken off criticism from sports car fans, underplaying vehicle performance such as acceleration speed on its own as “trivial.” Instead, he said the challenge was “aligning performance with [human] perception” for an emotional driving experience.
Graham Royle, a UK customer who owns several Ferraris as well as other luxury cars, said he was not interested in EVs in general and did not attend the launch. However, he still found the Luce’s range and acceleration underwhelming.
“I expected a pure electric Ferrari to still look utterly gorgeous and I expected it would be sensationally fast,” Royle said. “For me, the Luce is a major disappointment in all departments.”