Ferrari's Electric 'Luce' Sells Out Instantly in China Despite Premium Pricing

The initial allocation of 88 units of the Ferrari Luce for the Chinese market has sold out almost instantly, according to regional automotive media reports. The first all-electric vehicle from the Italian marque entered the Chinese market with a retail price of 3.988 million yuan. The pricing strategy for the luxury EV was not based solely on economics but also on Chinese homophonic numerology, where the sequence 3-9-8-8 phonetically resembles a poetic phrase meaning ‘wealth and prosperity for life’. The four-door sedan, designed by former Apple designer Jony Ive, has faced criticism for its practical appearance and subdued styling, with detractors arguing it lacks the aggressive look of traditional Ferrari models. The negative reception initially caused the company’s share price to drop by over six percent in a single day. Following the rocky launch, Ferrari replaced its long-time marketing chief Enrico Galliera with Massimiliano Di Silvestre, who previously managed BMW’s Italian division. Galliera had publicly defended the sales tactics, stating the new model was built to attract a completely new demographic of buyers, rather than existing supercar collectors. The launch is considered unique in the brand’s history, which has traditionally focused on high-performance two-door vehicles. The Luce’s luxury status places it in a different category from domestic Chinese electric vehicles, where local manufacturers are building highly advanced EVs at significantly lower costs. For instance, BYD’s Yangwang U9 electric supercar costs half the price but offers faster battery charging and quicker acceleration. Similarly, GAC’s Hyptec SSR can reach 100 km/h in 1.9 seconds. For the ultra-wealthy, however, the vehicle is a status symbol, and Chinese consumers view electric power as a natural progression for modern luxury. Ferrari appears to have found an audience that embraces the future of automotive propulsion, even if the vehicle looks different from its predecessors.