Ferrari CEO Expresses Satisfaction with Luce EV Orders Amid Lingering Transparency Doubts

What happened

On July 30, Ferrari CEO Benedetto Vigna publicly stated the company was 'very pleased' with orders for the Luce EV, despite a wave of negative reviews at its spring debut. The comment arrives two months after the model’s controversial launch triggered an 8% single-day share decline and persistent questions about brand fit and demand quality. While the upbeat tone offers a brief sentiment reprieve, it conspicuously lacks concrete order numbers, regional breakdowns, or comparison to the existing order book through end‑2027. The Master Report had previously flagged that Ferrari’s 20‑F filing omitted any Luce backlog data and that Chinese dealer checks showed open availability, underscoring a need for verified evidence rather than qualitative optimism. Consequently, the CEO’s remarks alone do not resolve the key investment debate—whether the EV can build authentic demand without undermining Ferrari’s scarcity-driven allocation power.

Implication

Investors should treat the CEO’s statement as a tentative trust‑building step, not a clearance signal; the real test will be whether Q2 results or subsequent filings provide model‑specific metrics like order intake, deposits, or regional demand. Until Ferrari discloses such evidence, the stock’s premium valuation (21.7x EV/EBITDA) still assumes a successful EV transition that is far from proven. The unchanged Master Report rating of WAIT reflects that the $390 stock price lies well above the attractive entry of $350 and only slightly below the trim level of $460, offering limited risk‑reward. A positive catalyst would be quantified Luce demand with maintained ≥39% EBITDA margin guidance, while a negative break would be a margin cut or continued opacity. For now, the prudent approach is to monitor the July 30 Q2 earnings call for any substantive disclosures beyond the CEO’s general satisfaction, as defensive positioning remains appropriate until demand quality is verified.

Thesis delta

The CEO’s upbeat comment modestly tempers the most bearish scenarios, but it does not alter the WAIT rating or valuation targets. The investment thesis still hinges on verified Luce demand data because Ferrari’s own filings warn that one mis‑firing model can hurt disproportionately. We remain cautious until Q2/Q3 disclosures provide the hard evidence missing from today’s qualitative optimism.