Ferrari Unveils Luce EV on Schedule, Removing One Execution Risk

What happened

Ferrari held the world première of its first fully electric model, the Luce, on May 25, 2026, as planned, according to Reuters. The reveal was a key milestone flagged in the DeepValue master report, which had rated RACE a WAIT with a $333.8 price and stressed that the EV execution risk would de-escalate upon successful launch. The report's bullish scenario explicitly assumed the Luce reveal could strengthen brand heat without requiring higher EV volumes. However, the accompanying filings and management commentary have not yet addressed the underlying demand reality for high-performance luxury EVs, which earlier reporting indicated caused Ferrari to delay a second EV to at least 2028. The event itself removes schedule risk but does not confirm that the EV strategy will generate material returns.

Implication

To sustain re-rating, investors need evidence that Luce orders are robust and that mix/personalization continues to lift revenue per shipment through 2026. Without clear EV demand signals, the bear case (margin compression, shorter order book) remains viable. Maintain discipline and wait for Q3 proof points.

Thesis delta

The Luce reveal as scheduled de-risks the near-term EV timetable, shifting focus from schedule risk to demand risk. Our WAIT rating stays, but the bull case probabilities modestly increase if initial Luce reception is strong. The key question remains whether Ferrari can maintain its scarcity-driven pricing power as the EV portfolio expands.