RACE Unveils the Luce – Ferrari’s First EV

Research evidence excerpt

RACE Unveils the Luce – Ferrari’s First EV

Flash Note Consumer | Global Retailing, Softlines & Luxury Brands

May 25, 2026

Ferrari N.V. Michael Binetti Carson Paull 212-326-2553 312-619-4270

RACE | $349.39 michael.binetti@evercoreisi.com Carson.Paull@evercoreisi.com

Outperform | Target Price/Base Case: $475.00 Grace Wong, CFA Isabella Mercado

Company Update 437-236-7072 212-801-3880

grace.wong@evercoreisi.com Isabella.Mercado@evercoreISI.com

◼ Ferrari Completes the Unveil of The Luce: Today, Ferrari completed its three-phase unveil of its entrance into the EV space

with the Ferrari Luce, a four-door, five-seat electric vehicle expected to begin initial deliveries in 4Q26 at a price of €550k

(~$640k USD at today’s exchange rate).

◼ Our Take: Remember, Ferrari had to develop an EV…at the time the brand announced it would build an EV (at CMD 2022),

there were several municipalities paving a path to the outright banning of tailpipes over the next 10-15 years. While we think

the company has done the best it can to deliver a differentiated EV (particularly, with the interior design done with Apple design

legend Jony Ive). That said, today’s update is in line with expectations—a very polarizing EV offering. Ferrari fans decided

long ago they would be negatively pre-disposed to the brand’s first EV. Expectations were low for the launch, with dealers

(who saw the car over a month ago) negative on the first viewing. Today, the most forgiving media reviews refer to Luce as a

profound departure from Ferrari’s design heritage… Most media has been much more harsh. RACE will certainly need to dig

into its clienteling skills to find new clients interested in Luce, as our checks suggest dealers are finding very little demand from

existing Ferrari clients.