外刊精读|《经济学人》-法拉利电动超跑：分歧，正是其用意所在

Ferrari’s electric car: divisiveness is the point

The Italian supercar brand is attempting a high-stakes manoeuvre

法拉利电动超跑：分歧，正是其用意所在
这家意大利超跑品牌正尝试一次高风险操作

The Economist| May 27th 2026

Carmakers usually talk up a new model. Yet Ferrari (whose biggest shareholder, Exor, part-owns The Economist’s parent company) is not like other car firms. When the supercar brand unveiled its first electric vehicle (EV), called the Luce (Italian for “light”), on May 25th, its marketing chief described it as “polarising”. Social media erupted with criticisms. Investors also gave it the thumbs down, though the motoring press was kinder. Yet divisiveness may be the point.

汽车厂商通常会对新车型大加宣扬。然而法拉利（其最大股东Exor集团同时也是《经济学人》母公司的部分所有者）却不同于其他汽车公司。5月25日，这家超跑品牌发布了首款电动汽车Luce（意大利语意为“光”），其营销主管形容它“引发两极分化”。社交媒体上批评声浪四起，投资者也投了反对票，不过汽车媒体相对温和。然而，引发分歧或许恰恰是它的用意所在。

Some features of the Luce are typical of the Italian marque. Four electric motors deliver over 1,000 horsepower, blistering acceleration and a top speed of 193mph for around €550,000 ($640,000). That makes the Luce the priciest of the brand’s higher-volume models, though exclusive limited-edition hypercars can run to over €3.6m. Despite weighty batteries, its engineers will have ensured that it handles as smoothly as any other Ferrari.

Luce的某些特征延续了这个意大利品牌的传统。四台电机输出超过1000马力，带来惊人的加速表现，最高时速达193英里（约合310公里），售价约55万欧元（合64万美元）。这使Luce成为法拉利旗下产量较高车型中最贵的一款，尽管那些限量版专属超级跑车的价格可飙升至360万欧元以上。即便电池组沉重，工程师们也一定会确保它的操控表现与其他任何一辆法拉利一样行云流水。

But in other respects it is a radical departure, with five seats (a first for the marque), four doors and more boot space than the Purosangue, another four-door model launched in 2022. That model—which Ferrari refuses to concede is an suv, despite the evidence—was also a controversial departure from Ferrari tradition, but a resounding commercial success.

但在其他方面，它却是一次彻底的背离：五座布局（法拉利史上首次），四扇车门，行李箱空间比2022年推出的另一款四门车型Purosangue还要大。那款车——尽管证据确凿，法拉利至今不承认它是SUV——当初同样因背离传统而引发争议，却在商业上大获全胜。

With the Luce, Ferrari is making a “deliberate decision to lead what comes next”, says John Elkann, the firm’s chairman. Yet where the Purosangue stuck to the curvaceous aesthetic of other Ferraris, the Luce barely resembles them. The new car was developed in conjunction with LoveFrom, a “creative collective” founded by Sir Jony Ive, a former design chief at Apple, and Marc Newson, who worked with him. Unsurprisingly, minimalism is to the fore. Few critics take issue with its application to the sleek interior. But many fear that the clean lines of the bodywork lack the brand’s customary appeal.

法拉利董事长约翰·埃尔坎表示，推出Luce是“一个经过深思熟虑的决定，意在引领未来”。然而，Purosangue仍固守其他法拉利车型的曲线美学，Luce却几乎毫无法拉利的样子。这款新车是与LoveFrom合作开发的，这家“创意团体”由苹果前设计总监乔尼·艾夫爵士和曾与他共事的马克·纽森创立。因此，极简主义被推至前台也就不足为奇了。对于极简风格在流畅内饰上的运用，几乎没有评论者提出异议，但许多人担心车身简洁利落的线条缺乏法拉利一贯的魅力。

Ferrari will hope that the Luce meets with the same success as Rolls-Royce’s Spectre, another pricey EV from another firm that is closer to a luxury-goods enterprise than a carmaker. Elsewhere, however, demand for electric supercars has been lacklustre. Lamborghini, an Italian rival, dropped its plans for a battery-powered vehicle, citing lack of interest among its customers. Even Ferrari has scaled back its electrification target to 20% of its line-up by 2030, down from an earlier goal of 40%.

法拉利自然希望Luce能取得如劳斯莱斯闪灵那样的成功，后者同样是一款昂贵的电动汽车，出自一家与其说是汽车制造商、不如说更接近奢侈品企业之手。然而，在其他地方，市场对电动超跑的需求一直乏善可陈。意大利竞争对手兰博基尼已放弃了纯电车型计划，理由是其客户缺乏兴趣。就连法拉利自身也将2030年电动化车型占比目标从早先的40%下调至20%。

Ferrari’s market capitalisation, at about €52bn, is on a par with Ford, which sold 4.4m vehicles last year, compared with 13,640 for Ferrari. Yet investors have lately begun to question whether its valuation has sped too far ahead. Its market capitalisation has fallen by around a third since October, after an investor day where projections of future growth disappointed (see chart).

法拉利市值约520亿欧元，与福特相当。福特去年售出440万辆汽车，而法拉利仅售出13640辆。然而，投资者近来开始质疑其估值是否超前太多。自去年10月一场投资者日上对未来增长的预期令人失望后，其市值已缩水约三分之一（见图表）。

Ferrari need not sell that many of its first EV to notch up a victory. Although the firm is tight-lipped about targets, it is likely that the Luce is the type of Ferrari that would sell at most 9,000 cars over a roughly four-year model cycle. It will probably turn a healthy profit selling fewer than that. More important will be establishing Ferrari in the ev business.

法拉利无需售出太多首款电动车便可宣告成功。尽管公司对销售目标守口如瓶，但像Luce这样的法拉利车型，在一个约四年的车型周期内，最多或许也就售出9000辆。即使低于这一数字，它仍可能赚取可观的利润。更关键的是，要让法拉利在电动汽车领域站稳脚跟。

Ferrari’s strong ties to its loyal customers will help with that. Many of them own several cars adorned with the prancing horse logo, and may wish to add the first ev to their collections. Benedetto Vigna, Ferrari’s boss, has stressed that demonstrating brand loyalty, the usual route to eligibility for acquiring one of the firm’s coveted limited-run hypercars, does not apply to the Luce. But many of the faithful will not take the risk.

法拉利与忠实客户的深厚纽带将助力这一目标。他们中的许多人拥有数辆饰有跃马标志的座驾，或许希望将首款电动车纳入收藏。法拉利首席执行官贝内代托·维尼亚强调，获得该公司备受追捧的限量超跑通常需要展现品牌忠诚度，但这一路径不适用于Luce。不过，众多忠实拥趸仍不会冒险错过。