News

Ferrari’s first Electric Vehicle is not for you

Published

6 months ago

May 26, 2026

Everyone seems to be mad about Ferrari’s first electric vehicle.

Called Luce, and revealed on Monday, the design of the five-seater (gasp!) was led in large part by Jony Ive and the design firm he runs with Marc Newson, LoveFrom. While it ticks a lot of spec sheet boxes — it boasts 1,000 horsepower and the ability to hit 60 miles per hour in just over two seconds — it’s tracking to be the most mocked new vehicle since the Cybertruck.

This widespread rejection of the wedge-shaped, Nissan-resembling car covers seemingly the whole spectrum, too, from the typical flimsy knee-jerk reactions, to the positively vitriolic. The company’s stock price is down, and even some of the most down-the-middle news outlets are admitting it in their own ways. (Bloomberg said the Luce is “quite a stretch.”)

The question underneath all of this immediate backlash is singular: Who is the Luce for?

Certainly it’s not for me, or for almost anyone reading this. The Luce will cost around $650,000, and this is Ferrari we’re talking about, so even if you have that kind of money, you’re dealing with a company that is, shall we say, selective about its customers.

Is it for existing Ferrari owners? Typically that answer is yes — more than 80% of the 14,000 people who bought a Ferrari last year already own one of its vehicles. It’s hard to imagine that crowd being sufficiently excited about a car that is so devoid of the fierce Ferrari angles that have adorned bedroom walls for decades.

Is it for other car designers? Possibly. Car companies borrow ideas all the time, and there’s definitely plenty on the interior — which features a lot of clicky buttons and knobs, a marked departure for Ive — that I’d personally like to see repeated elsewhere.

Is it for regulators? Well, maybe. The European Union is placing severe limits on the sale of new cars with internal combustion engines in 2035. The Luce may be the first step Ferrari’s taking toward a lineup that complies with those looming rules.

In fact, during an interview with Cleo Abram, we learn that this external pressure seems to have weighed heavily on Ive. Abram was given access to one of four “secret” books Ive created when he started the project, which contains a mix of mood board-style imagery and text written by the iPhone designer himself.

Abram quotes Ive as comparing the task of designing an electric Ferrari to how luxury Swiss watchmaker Patek Philippe adapted during the evolution from mechanical power to quartz crystals. Ive wrote that Patek Philippe survived “primarily because it survived and grew in the transition” by making a mix of traditional timepieces and watches with batteries and quartz movements.

But then, he added: “If it had been legislated that Patek Philippe had to transition its entire product line to quartz, the resulting challenge would appear similar to the transition Ferrari is facing.” Telling!

Still, I find it hard to believe this is purely a compliance car. The company has said it expects the Luce to be profitable from the jump. And Ferrari’s own chief marketing and commercial officer told the Financial Times that the company wanted the Luce to be “polarising.”

He also made another admission in that interview, saying that Ferrari’s main target with the Luce is someone who “already owns an electric car.”

That statement is nearly as radical as the Luce’s design. By definition, that likely means Ferrari isn’t looking at current owners to make up the bulk of Luce sales.

Which brings us to what may be the truest answer: China. While Chinese buyers have typically only made up around 10% of Ferrari’s overall sales, those numbers have declined in recent years, and the automaker’s executives haven’t been shy about wanting their first EV to turn things around in the largest market for battery-powered vehicles in the world.

Viewed through that lens, the Luce’s design makes a bit more sense, as — to my eyes — it certainly resembles some of the designs that have come out of China’s booming auto industry over the last few years.

So maybe the more proper question to ask is this: Will Chinese buyers, who are currently awash in high-performance, high-tech, affordable options, care to pay up for the prestige of a prancing horse on the hood?

News

Our Country Is Not Dead’ — Sunday Oliseh Hails World Cup-Winning Flamingos, Warns NFF Against Making Dangerous Mistake With Golden Generation

Published

1 hour ago

November 12, 2026

PlateauReports

Former Super Eagles captain and head coach Sunday Oliseh has celebrated Nigeria’s historic FIFA U-17 Women’s World Cup triumph, declaring that the Flamingos’ remarkable achievement has proved that the country still possesses exceptional football talent, while warning the Nigeria Football Federation against restricting the development of the victorious youngsters, Sports247.ng reports.

Oliseh expressed particular satisfaction that many members of the World Cup-winning squad emerged from Nigeria’s domestic football system, describing their success as a powerful response to those who have repeatedly questioned the quality of home-based players.

The former Nigerian international insisted that the Flamingos’ achievement must become a turning point for grassroots football development rather than merely another moment of national celebration.

“Those who say, ‘Sunday, they always shout home-based, home-based.’ No, no, no. See them now, these ones are home-based. So we still get quality. Our country is not dead,” Oliseh declared.

The former Borussia Dortmund and Juventus midfielder stressed that the players’ achievement should receive sustained publicity to inspire other talented youngsters across the country.

“The multiplier effect now is like, it has to be publicised. For those who are following, let’s let them know what these girls have done. They’ve shown talent,” he explained.

However, Oliseh warned that Nigeria must avoid making the mistake of concentrating exclusively on the victorious squad without creating opportunities for other promising players.

According to him, keeping the World Cup winners together is important, but the NFF must simultaneously strengthen the team by introducing fresh talents.

“You can’t say, ‘Let’s keep them together.’ No. You have to try to keep them together, but you have to now integrate more, more,” he stated.

“If you keep them together, you create an elitist group. Keep them together, but you have to add more.”

Oliseh believes this approach would allow the achievements and experience of the World Cup champions to positively influence other emerging players, creating a stronger foundation for Nigeria’s future women’s national teams.

The former Super Eagles captain also emphasised that developing a successful football structure should involve more than celebrating one generation of players.

For Oliseh, the challenge is ensuring that Nigeria builds on the Flamingos’ achievement by identifying additional talents and creating a pathway for their progression through the national-team system.

Nigeria defeated Japan 2-1 in the final in Morocco, becoming the first African nation to win the FIFA U-17 Women’s World Cup.

While Nigerians continue celebrating the historic achievement, Oliseh’s message to football administrators is unmistakable: preserve the winning foundation, open the door to new talents and ensure that the Flamingos’ success becomes the beginning of something even greater.

Business

FG funds federal workers’ accrued pension rights through 2029 – Official

Published

2 hours ago

November 12, 2026

PlateauReports

The Federal Government has funded the accrued pension rights of enrolled federal workers who have yet to retire through December 2029, the National Pension Commission (PenCom) has said, reversing a previous 21-month funding backlog.

PenCom Director-General Omolola Oloworaran disclosed this on Wednesday at the 2026 Pension Correspondents Association of Nigeria Conference in Abuja, saying the government has moved from a 21-month arrears position to a 41-month funding surplus.

Ms Oloworaran, represented by PenCom’s head of corporate communications, Ibrahim Buwai, said the development means accrued pension rights for enrolled federal employees have been funded ahead of their retirement.

“We are moving from a position where our full pension rights were 21 months in arrears to where we are today, 41 months in surplus. And 41 months in surplus means that federal government employees who have not yet retired and who have enrolled have had their accrued pension rights paid up to December 2029,” she said.

Ms Oloworaran also said delays in the payment of retirement benefits have largely been eliminated, with benefits now processed within 48 hours of retirement.

“The issue of delays in the payment of pensions has now become history, and now pensions are being paid within a maximum of 48 hours from retirement,” she said.

The 48-hour processing timeline applies to retirement benefits under the arrangements described by PenCom. It should not be interpreted as a guarantee that every pension-related payment or outstanding liability across the country is settled within that period.

The PenCom boss also highlighted the launch of the PenCare healthcare programme and the N52,500 minimum pension guarantee by President Bola Tinubu on Tuesday.

PREMIUM TIMES had earlier reported the inauguration of the two initiatives, which are intended to provide additional protection for retirees, particularly those with low pension income and limited resources to meet medical expenses.

According to Ms Oloworaran, PenCare would help reduce pensioners’ healthcare expenses, allowing them to spend more of their monthly income on other needs.

She said pension operators and PenCom fund the programme, with an independent board of trustees chaired by the commission’s pioneer director-general, Muhammad Ahmad.

On the minimum pension guarantee, she said eligible retirees receiving below N52,500 monthly will have their pensions increased to the threshold, adding that some beneficiaries received payment alerts during Tuesday’s launch.

The President of the Pension Correspondents Association of Nigeria, Nana Musa, urged journalists to strengthen accountability and public understanding of pension reforms through accurate reporting.

Ms Musa said pension reporting should help Nigerians understand the reforms and their implications for contributors and retirees.

Ms Oloworaran further disclosed that the Federal Government has approved additional exit benefits equivalent to 100 per cent of terminal emoluments for eligible retirees, effective 1 January 2026.

“The Federal Government has just approved the payment of 100 per cent of terminal emoluments as additional exit benefits,” she said.

She added that eligible retirees who left service in 2026 and submitted the required documents have received payment.

The development comes amid demands by pensioners for improved retirement benefits and wider coverage of additional payments to those who retired before the new approval.