Ferrari closed the books on its second quarter today, and the number everyone wanted — how many people have actually ordered the Luce — is not in the document. Not in the results table, not in the guidance assumptions, not in the CEO's statement. If you were expecting Maranello to put an order tally on its first electric car, you got a paragraph about personalizations instead.
That absence is the story, and it's more interesting than a headline figure would have been.
The second-quarter results are strong by any measure. Net revenues came in at €1,938 million, up 8% year over year and 11% at constant currency. Operating profit hit €605 million on a 31.2% margin, net profit reached €463 million, and industrial free cash flow jumped 39% to €276 million. Ferrari raised full-year guidance to roughly €7.60 billion in revenue, at least €2.97 billion of adjusted EBITDA and at least €9.68 in adjusted diluted EPS. manilatimes
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Read the reason for the raise and the EV is nowhere near it. Ferrari attributes the upgrade to two things: personalizations running stronger than initially expected, and currency headwinds coming in lighter than planned after hedges. That's it. A company that had just booked a year's worth of demand for a brand-new €550,000 product line would find a way to say so in the assumptions box. Ferrari did not. manilatimes
What CEO Benedetto Vigna did say is that the company has "an order book that entirely covers 2027." True, and also true before the Luce existed — the order book already stretched toward the end of 2027 back in May. manilatimes Ferrari
Here's where the primary document earns its keep. Ferrari's regional shipment table shows Mainland China, Hong Kong and Taiwan at 185 units in Q2 2026, down from 274 a year earlier — a drop of 89 cars, roughly a third of the region's volume. Across the first half, the region moved 440 units against 511. The Americas fell by 206 units in the quarter. EMEA absorbed the difference, up 210. manilatimes
Now, an important distinction that trips up a lot of coverage: shipments and orders are different animals. Ferrari books revenue when a car physically leaves Maranello, and the Luce was only unveiled on 25 May, with customer cars not due until the fourth quarter. Not one Luce is inside those numbers. So a soft China shipment quarter doesn't disprove strong China order intake for the EV. Ferrari
But it does mean anyone building a "China is carrying the electric Ferrari" narrative is doing it entirely on faith, because the only Greater China figure Ferrari has published this year points the other direction.
Suppose the roughly-500-unit figure floating around is accurate. What does it actually buy Ferrari?
The company shipped 6,802 cars in the first half. It sold 13,640 in all of 2025. Five hundred Luces is somewhere near 3.5% of annual volume. At €550,000 before options, that's roughly €275 million of gross list value — against full-year revenue guidance of about €7.6 billion. Meaningful. Not a hinge point. manilatimes CNBC
And "sold out for the year" means something very specific at a company that rations its own output. Ferrari's entire commercial model is building fewer cars than people want. Filling a deliberately small allocation isn't a demand signal so much as a supply decision. The interesting question was never whether Ferrari could place 500 cars — it's whether the second and third model years hold up once the novelty premium and the loyalty-list dynamics wear off. Nothing in today's disclosure answers that.
Worth knowing, since the design argument has swallowed most of the coverage. Per Ferrari's own release, the Luce runs four permanent-magnet radial-flux motors derived from the F80, one per wheel, spinning to 30,000 rpm at the front axle and 25,500 rpm at the rear, on an 800-volt architecture with a 122 kWh pack made of 210 cells in series and 350 kW charging. Kerb weight is 2,260 kg, with a claimed 2.5 seconds to 100 km/h and range beyond 530 km. It also gets active suspension derived from the F80 and a rear axle that steers independently. Ferrari
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Two engineering notes with real ownership consequences.
First, that pack is designed as a structural element of the car. A structural battery is how you get 1,050 cv and five seats into a chassis that still weighs less than a lot of full-size electric sedans — the pack does chassis duty instead of riding as dead weight inside one. The trade is repairability. When the battery case is load-bearing, underbody and rear-impact damage stops being a body-shop question and becomes a pack question, and pack questions on a limited-production Italian EV get expensive fast. Insurers will price that in; budget for premiums that look nothing like a Purosangue's despite comparable list values. Professional Motorsport World
Second, 210 cells wired in series at roughly 3.7 volts nominal lands you at about 777 volts — hence "800-volt class." Divide 122 kWh across those 210 cells and each one is carrying somewhere around 580 watt-hours, which are physically large pouch cells. Fewer, bigger cells means simpler pack architecture and fewer interconnects to fail, but it also means a single bad cell takes a bigger bite out of usable capacity.
Ferrari's own account of the launch frames the Luce as the culmination of the multi-energy strategy it announced back at its 2022 Capital Markets Day — technological neutrality, not an EV pivot. That framing matters more than any order number, because it's the company telling you the Luce doesn't have to succeed on volume to do its job.
For buyers: European deliveries begin in the fourth quarter, allocations are dealer-controlled, and the resale market for a first-generation flagship EV from a brand with zero electric track record is a genuine unknown. For everyone else: wait for the third-quarter numbers in November, when Ferrari will have shipped actual cars and the region-by-region table will finally have something in it worth arguing about.
Images Via: Ferrari