News

Ferrari’s first Electric Vehicle is not for you

Published

4 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

Digital Storytelling Takes Centre Stage at 2026 EU-NFI Students Film Festival Finale

Published

3 hours ago

October 2, 2026

PlateauReports

JOS, PLATEAU STATE — Student creativity and digital storytelling took centre stage in Jos as the 2nd edition of the European Union–National Film Institute (EU-NFI) Students Film Festival came to a colourful close on September 29, 2026.

The two-day festival, organised by the National Film Institute (NFI) in partnership with the European Union (EU), brought together emerging filmmakers, film students, industry professionals and stakeholders for screenings, masterclasses and competitive showcases aimed at developing the next generation of Nigerian filmmakers.

The event provided students with an opportunity to showcase their creative abilities while exploring the role of film and digital storytelling in documenting Nigerian experiences, culture and contemporary realities.

EU Ambassador Applauds Students’ Creativity

Speaking at the festival finale, the EU Ambassador to Nigeria and ECOWAS, H.E. Gautier Mignot, described the students’ creative output as impressive and expressed optimism about the future of Nigeria’s film industry.

Mignot highlighted the important role of the National Film Institute in Nigeria’s creative ecosystem, noting that initiatives such as the students’ film festival align with the European Union’s priorities in youth empowerment, education, culture and strengthening EU-Nigeria relations.

He also commended the leadership of the Institute, particularly the Rector, for his commitment to the students and for fostering a relationship built around creativity, mentorship and learning.

Ali Nuhu: Festival Is More Than Competition

The Managing Director of the Nigerian Film Corporation (NFC), Dr. Ali Nuhu, described the festival as more than a platform for competition.

According to him, the initiative provides young Nigerians with an opportunity to develop their skills and become cultural ambassadors who can use film to tell stories that reflect Nigeria’s identity and diversity.

He called for sustained investment in skills development, education and learning opportunities for young people seeking careers in the creative industry.

NFI Announces Winners

The Rector of the National Film Institute, Prof. Pomak Frank Tengya, expressed the Institute’s readiness to continue supporting young filmmakers and assured participants that the institution would host the 2027 edition of the festival.

He subsequently announced the winners in the various competition categories.

Each of the top prize winners received ₦100,000.

The winners include:

Best Sound: Rev Kola — Osakpolo Arthur
Best Documentary: Carrying a Legacy — Badung Chuhwak
Best Animation: Coming Home — Habibi Risku
Best Cinematography: Dusk Till Dawn — Longtong Tamg’an
Best Director: They Call Me Mother — Esther Oyninyechi Nnamani
Best Short Film: They Call Me Mother — Esther Oyninyechi Nnamani

Esther Oyninyechi Nnamani emerged as one of the biggest winners of the festival, taking home awards for both Best Director and Best Short Film.

Nurturing the Next Generation

The festival further demonstrated the potential of film education and practical creative opportunities in nurturing young talents and strengthening Nigeria’s growing creative economy.

With students taking centre stage as writers, directors, cinematographers, animators and storytellers, the EU-NFI Students Film Festival provided a platform for emerging filmmakers to gain exposure, learn from industry professionals and connect with fellow creatives.

As the National Film Institute looks ahead to the 2027 edition, the festival continues to position Jos as an important centre for film education, creativity and digital storytelling in Nigeria.

Jos Events | Connecting Jos. Promoting Events. Supporting Local Businesses.

Business

Airtel Money sets IPO price at £1.96 per share, targets £5.3bn valuation

Published

7 hours ago

October 2, 2026

PlateauReports

Airtel Mobile Commerce N.V. (Airtel Money), the mobile money business of Airtel Africa, has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion ($7.0 billion) at admission.

Airtel Africa disclosed this in a statement on Thursday, saying Airtel Money intends to list its ordinary shares on the London Stock Exchange, with admission currently expected on 14 October.

The planned listing followed Airtel Africa’s announcement on 23 September of its intention to undertake an IPO for Airtel Money, which operates mobile money services across several African markets.

Listing offer

Under the offer, certain existing shareholders of Airtel Money are expected to sell 270 million existing shares. Also, an additional 27 million shares may be sold if the over-allotment option is fully exercised.

Airtel Africa said it does not expect to sell its existing Airtel Money shares in the offer, except pursuant to the over-allotment option.

The telco said it would remain a “long-term strategic shareholder” in Airtel Money and support the business as it moves into its next phase as an independently listed company.

Based on current indications from existing shareholders, approximately 16.5 per cent of Airtel Money’s issued ordinary share capital is expected to be held in public hands if the over-allotment option is not exercised.

This could rise to approximately 17.5 per cent if the maximum additional shares are sold, according to Airtel Africa.

Airtel Money expects the level of public ownership to make it eligible for inclusion in the FTSE UK indices.

The company said it intends to apply for admission of its ordinary shares to the equity shares category of the Official List of the UK Financial Conduct Authority and for trading on the London Stock Exchange’s Main Market.

Airtel Money said further details of the offer would be contained in its prospectus, which it said would be made available on Airtel Money’s IPO website, subject to applicable access restrictions, on Thursday.

READ ALSO: What Dangote IPO signals – NGX Chairman

Airtel Africa has been planning to spin off its mobile money business from its core telecoms operations following the financial subsidiary’s performance in previous years.

Its mobile money unit, Airtel Money, logged a strong performance in 2025, recording $1.4 billion in turnover, more than one-third higher than what it reported a year before.

Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa.

Airtel Africa provides an integrated offer to its subscribers, including mobile voice and data services, as well as mobile money services, both nationally and internationally.