Ferrari CEO says Luce orders "in line with expectations"

Investing.com -- Ferrari CEO Benedetto Vigna said Thursday the company is pleased with customer response to its first fully electric vehicle, the Luce, two months after the model received negative reviews at launch.

The luxury sports car maker introduced the €550,000 ($631,000) Luce in May. The five-seat, four-door saloon represents a shift from Ferrari's traditional design and petrol engine legacy.

During the presentation of second quarter results, Vigna said orders for the vehicle are progressing in line with expectations. "Clients who put orders in are both existing and new ones, and this too is in line with our expectations," he told reporters. The CEO added that the Luce has not altered Ferrari's future electric vehicle plans.

"When clients see the car, they're really enthusiastic and happy," Vigna said. He rejected suggestions that Ferrari is using aggressive marketing or pressuring loyal customers to drive sales. "It's a product they have to buy if they love it, if they have a genuine interest in it," he said.

Vigna said interest for the model is evenly distributed globally. "Of course some countries might be more used to EVs, but we're not seeing a specific pattern," he said.

Earlier on Thursday, Ferrari reported its Q2 results, posting adjusted earnings per share of €2.62, below the analyst consensus of €2.85. Net revenues reached €1.94 billion, also short of the €2.15 billion estimate but up 8% year-over-year from €1.79 billion.

Despite the miss, the company raised its full-year revenue guidance to approximately €7.60 billion from €7.50 billion. Ferrari increased its adjusted diluted EPS guidance to at least €9.68 from at least €9.45. The company also raised its industrial free cash flow outlook to at least €1.55 billion from €1.50 billion and lifted its adjusted EBITDA target to at least €2.97 billion from €2.93 billion.

Shares were trading down roughly 1% in New York shortly after open.

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