Ferrari's first electric car, the Luce, was met with widespread ridicule when it was unveiled on May 25. Critics and fans compared its looks to everything from a "Magic Mouse on wheels" to a dishwasher or a microwave, and some dismissed it as a belated April Fool's joke. Even a former Ferrari president and chairman argued that the company should remove the prancing horse emblem from the car, warning that Ferrari was "risking the destruction of a myth."

The mockery, however, has done little to deter buyers. The Luce, which starts at $560,800, has a customer committed for every car Ferrari plans to build in 2027, and wealthy buyers are lining up for the glass-roofed electric vehicle before they have even had the chance to test drive it. The immediate sell-out fits a long-standing Ferrari playbook: the company has historically kept production below demand to protect the exclusivity that underpins its pricing power, and waitlists are a familiar feature across its lineup.

Chief Executive Benedetto Vigna told analysts on Ferrari's Q3 earnings call on Tuesday that all Luce deliveries planned for next year are already spoken for, even though client test drives are only scheduled for early 2027. "All the Luces that we plan to sell next year, basically, are all allocated, so if someone comes, he has to wait one year to get the cars," Vigna said, though he did not disclose how many units had been sold. The next milestones arrive in early 2027, when client test drives are set to begin and the year's deliveries start; Ferrari has not said how many cars that first run will include.

Vigna added that Ferrari staged more than 50 local premieres and private viewings across the U.S., Europe, the Middle East, and Asia Pacific, which he said helped express the Luce's "uniqueness better than any digital experience."

The strong early demand marks a sharp reversal from the car's rocky debut, when Ferrari shares fell by as much as 8% and analysts questioned whether the vehicle's unconventional design—larger wheels, more rounded surfaces, and four doors—had rattled investors who prized the marque's luxurious visual identity.

"While the vehicle promises performance consistent with Ferrari's standards, investors appeared underwhelmed by its exterior design," Rella Suskin, an equity analyst at Morningstar, wrote in a note after the release. "Ferrari's design identity is an important component of its brand equity, supporting scarcity, pricing power, and aspirational desirability."

Vigna, who enlisted LoveFrom—the design firm founded by former Apple design chief Jony Ive—to work on the Luce, has defended the break from tradition. Speaking on Ferrari's Feb. 10 Q4 2025 earnings call, he acknowledged that the car would not please everyone but insisted it remained a Ferrari first and an electric vehicle second. "What I can tell you, I can guarantee you is that we will not sell this car to people that do not want the car," he said. "Because this is a car, Ferrari Luce, that is also electric. It's not an electric car."

Ferrari is pressing ahead with the Luce—Italian for "light," which Vigna described as "illuminating the path ahead" for the brand—even as rivals reconsider their EV ambitions amid weaker demand. Lamborghini scrapped its plan to launch its first fully electric car in 2028, while Porsche, which unveiled its first electric sports car, the Taycan, seven years before Ferrari, is reportedly planning to end Taycan production by 2030.

The push into electrification comes as Ferrari's core business continues to grow. The carmaker reported €1.9 billion in Q3 revenue, up 7% from a year earlier, alongside €563 million in operating profit, helped in part by buyers spending more to customize their cars. CFO Antonio Picca Piccon told analysts that personalization accounted for more than 21% of total revenues from cars and spare parts, a figure he said "exceeded our expectations."

Ferrari did not respond to Fortune's request for comment.

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