And the Model S is no longer in production due to poor sales. How many of these $650k family sedans could Ferrari possibly move?

Bizarre comparison.

Who is the customer for a Model S? What fancy full-size sedan would they otherwise buy?

Certainly not the person who'd buy a BMW 7er or a Mercedes S-class. Model S does not offer the basic comforts required to compete in this segment.

Perhaps the person who'd buy a BMW 5er or a Mercedes e-class? Possibly, but the Model S is still an uncomfortable, noisy and cheap feeling clunker compared to those two.

It's not like the full-size luxury sedan market is doing too bad. We've got at least:

  Audi: A8
  BMW: 7er, i7
  Mercedes: S-class, EQS
  Porsche: Panamera, Taycan (sort of)
  Rolls Royce: Phantom, Ghost
  Bentley: Flying spur

Ah I see...

Apparently they're aiming to produce about 2500-3000 Luces (Luci?) a year, and they're building about 14,000 cars total annually. So not too many in keeping with their scarcity strategy. That has worked great for them so far, but I doubt they can replicate it with the Luce.

Probably more than you'd think. Lamborghini is selling around 5000 butt-ugly Urus SUVs per year.