Ferrari (RACE IM) CEO says they are very satisfied with Luce EV, with no critical issues on the production or demand side; Co. is working on next EV models

• Order book is healthy.
• Sees no impact on orders from geopolitical tensions.

CEO commentary of this kind sits in the category of operational reassurance rather than a scheduled print, and at Ferrari it has historically carried more weight than at volume makers because the equity story rests on the order book, not quarterly deliveries. The two claims to separate are production and demand: luxury EV scepticism has centred on whether the segment can absorb an electric product at Ferrari price points, so a clean bill on demand matters more to the multiple than the absence of manufacturing snags, which is the lower bar. Ultra-luxury marques have in past cycles pointed to multi-year waiting lists as insulation from macro shocks, and the assertion that geopolitical tension has not touched orders follows that established script; the tell in comparable episodes has been whether intake commentary at subsequent results confirms or quietly drops that framing. What tends to move the stock is any change in order-book language, launch cadence for the next EV models, and guidance on volumes versus pricing and personalisation mix, since Ferrari's earnings quality is built on limiting supply. As management commentary rather than data, the signal is soft; the follow-ons are the next results call and any detail on EV ramp economics, where margins on the new line will eventually be tested against the combustion and hybrid range.