The article discusses the unexpected success of Ferrari's first electric vehicle, the Luce, despite initial backlash regarding its design by Jony Ive. Launched in May, the Luce met its sales target early, showcasing market potential in China and among wealthy Silicon Valley buyers. Despite significant criticism, including from former Ferrari president Luca di Montezemolo, the car exceeded initial sales goals. Amidst declining overall EV sales in the U.S., Ferrari reported strong revenue growth and has raised its financial outlook, indicating robust demand for its luxury vehicles.

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Innovation Ferrari

Ferrari’s Jony Ive-designed model was mocked by the internet, but it’s selling like hotcakes

Marco Quiroz-Gutierrez

By Marco Quiroz-Gutierrez Marco Quiroz-Gutierrez

Reporter Down Arrow Button Icon

Marco Quiroz-Gutierrez

By Marco Quiroz-Gutierrez Marco Quiroz-Gutierrez

Reporter Down Arrow Button Icon

July 31, 2026, 4:13 AM ET

A Ferrari Luce.

A Ferrari Luce.Rob Kim—Getty Images for Fanatics

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When famed Italian supercar brand Ferrari announced its first EV, the Luce, in May, the car was mocked relentlessly online, in part due to its design that was spearheaded by former Apple designer Jony Ive. The backlash led to the company’s shares falling 8% in a single day, but as of this month, the company already met its sales target.

Falling EV sales

Ferrari’s good news is also salient because EV market share has fallen in the U.S., which accounts for about a quarter of the company’s sales. After President Donald Trump eliminated the federal tax credit for EV purchases in September, new EV sales collapsed by 49% month-over-month in October, according to Cox Automotive. Last month, new EV sales fell 28% from a year earlier and accounted for 5.4% of total new vehicle sales in the U.S.—a decrease from May, according to Cox Automotive.

Competitors have also recently pulled back on the EV market amid lackluster sales. Lamborghini, which is owned by Volkswagen through its subsidiary Audi, canceled its $300,000 luxury EV, the Lanzador, in 2025, with the carmaker’s CEO Stephan Winkelmann claiming the market and customers were “not ready.”

Ferrari, for its part, scaled back its EV ambitions in October when it said it would now aim for 20% of its lineup to be all-electric by 2030 instead of 40%.

Still, on Thursday Ferrari exceeded analyst expectations by reporting revenue of 1.94 billion euros, or $2.2 billion, for its second quarter. The company also raised its outlook, guiding to 7.6 billion euros ($8.7 billion) through the rest of the year from 7.5 billion euros ($8.6 billion), previously. Vigna said the company’s order book was already full through 2027.

Ferrari’s shares, which are listed on the New York Stock Exchange, were up 3% as of Thursday afternoon after the company reported its quarterly earnings.

“Ferrari rarely raises its guide in Q2, favoring instead to do so in Q3, and as such we view this a positive indicator for the remainder of the year and would expect shares to move higher,” RBC Capital Markets analyst Tom Narayan told CNBC.

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By Marco Quiroz-GutierrezReporter

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Marco Quiroz-Gutierrez is a reporter for Fortune covering general business news.

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