News

Ferrari’s first Electric Vehicle is not for you

Published

4 months ago

May 26, 2026

Preport

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

Falconets Hold China to Goalless Draw, Keep U-20 World Cup Hopes Alive

Published

2 hours ago

September 11, 2026

Preport

Nigeria’s Falconets fought out a goalless draw with China PR in their second Group F match at the 2026 FIFA U-20 Women’s World Cup in Poland on Thursday, keeping their hopes of reaching the knockout stage alive.

The encounter at Arena Sosnowiec saw both teams create opportunities, but neither side could find the breakthrough as the Falconets secured their first point of the tournament following their opening-day defeat to Spain. Nigeria had lost 2–0 to the former champions in their first match.

Coach Moses Aduku’s side started brightly, with Janet Akekoromowei producing Nigeria’s first clear opportunity in the 17th minute.

The Falconets gradually grew into the contest, with Kafayat Mafisere winning a corner in the 33rd minute before Akekoromowei went close again in the 38th minute and during first-half stoppage time.

China also threatened before the interval, with Huang Jiaxin, Zhou Xinyi and Song Lijuan testing the Nigerian defence, while Xue Sifan delivered dangerous set pieces.

Goalkeeper Christiana Uzoma stood firm whenever called upon, helping the Falconets maintain a clean sheet as both teams went into the break level.

China made an attacking change at the start of the second half, introducing Chen Ruilin for Xiao Yafei, and the substitution gave the Asian side additional impetus.

Chen, Xue and Huang all attempted to break the deadlock, but Nigeria continued to create opportunities of their own.

Precious Oscar, Mafisere and Queen Joseph all went close as the Falconets responded with greater urgency, but the finishing touch remained elusive.

Nigeria thought they had been handed a major opportunity to take the lead in the 74th minute after being awarded a penalty. However, the decision was overturned following a VAR review, leaving the game scoreless.

Both sides continued to push for a winner in the closing stages, but neither could find the decisive goal.

The draw leaves Nigeria with one point from two matches in Group F, while China remain in contention at the top end of the group after their opening 5–0 victory over New Caledonia.

The Falconets will now face New Caledonia on Sunday, September 13, in their final group fixture. The match is scheduled for Łódź, with Nigeria needing a positive result to strengthen their chances of advancing to the knockout rounds.

The result represents an improvement from the opening defeat to Spain, but Aduku and his players know they must finish the group stage strongly.

After being held by China, the Falconets now have their fate partly in their own hands as they prepare for their decisive final group match.

One point gained, one game left — the Falconets must now finish the job against New Caledonia.

Business

CBN disowns purported $46 billion grant approval

Published

3 hours ago

September 10, 2026

Preport

The Central Bank of Nigeria (CBN) has disowned a purported document claiming that Governor Yemi Cardoso approved a $46 billion developmental grant to an organisation.

CBN, in a post on its official X account on Thursday, described the document as “fake” and urged members of the public to disregard it.

The purported letter, dated 13 August 2026, was addressed to the “Atufeg Empowerment and Development Centre” and claimed to be an official endorsement and authorisation for the release of a developmental grant.

It purportedly bore Mr Cardoso’s signature and stated that CBN had authorised the immediate transfer of $46 billion to the beneficiary’s designated account for the execution of “approved national empowerment and developmental projects.”

“The CBN confirms full endorsement and authorises the immediate transfer of these funds to the beneficiary’s designated account,” the purported letter stated.

It further claimed that the authorisation was “final and binding.”

Disclaimer

However, the apex bank, while sharing an image of the document on X, said: “This content is FAKE. Let the public be guided.”

CBN’s disclaimer comes amid the recurring circulation of purported government and financial institution documents on social media, underscoring the importance of verifying such claims through official channels before acting on them.

In recent months, OPay Digital Services Limited, May & Baker, MTN, Wema Bank and other corporate organisations have dissociated themselves from social media posts published by unauthorised entities impersonating their brands and issuing purported corporate messages.

On Thursday, the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) announced that it had arrested Hafsat Abubakar for circulating false rumours about the OPay shutdown.

Similarly, in July, PREMIUM TIMES uncovered how unauthorised video advertisements on TikTok, offering financial assistance such as grants, loans, giveaways, and investment opportunities, were used to scam Nigerians.

The investigation found that the fraudulent ads, some of which were AI-generated, were designed to target and lure unsuspecting Nigerian users into scams.