Berenberg: Ferrari’s electric car Luce is a high-risk bet

(1) Berenberg analysts pointed out that Ferrari’s electric vehicles represent a major bet aimed at expanding the product portfolio and attracting a growing base of tech-focused wealthy buyers, but this 80-year-old brand’s reputation therefore also faces risks. (2) The design of the car is very different from traditional Ferrari models. Initial customer reactions to pictures ranged from shock to harsh criticism, but after seeing the actual vehicle in person (especially the interior), attitudes changed. (3) Some customers may find it hard to regard the Luce as a true Ferrari, and opposition on social media may persist, but this does not affect the investment case. Berenberg expects 25 units to be delivered in the fourth quarter, and 1,000 units by 2027.