Ferrari has unveiled its first fully electric vehicle, the Luce.
The new model, priced at around $640,000, marks a major change for the Italian luxury brand.
It is not only Ferrari’s first all-electric vehicle but also its first five-seater.
The Luce was developed over five years in partnership with LoveFrom, the design firm founded by former Apple designer Sir Jony Ive.
Unlike traditional Ferraris, it features a more unconventional design, which has sparked strong reactions online.
Some critics have accused Ferrari of abandoning its identity, while others praised the car as a bold and innovative design achievement.
Investor reaction was also mixed. Ferrari shares fell sharply following the launch, dropping more than 8% in Milan and over 5% in New York.
Ferrari had long resisted producing a fully electric vehicle, instead focusing on hybrid models that combine petrol engines with electric power. However, the company says the Luce remains true to Ferrari’s performance standards. Equipped with four electric motors (one for each wheel) the car can accelerate from 0 to 60 mph (96 km/h) in about 2.5 seconds.
Ferrari says all major components are manufactured in-house, allowing the company to maintain and repair the vehicle for decades and helping preserve its resale value.
The launch comes at a difficult time for electric vehicles: many major carmakers have slowed their EV plans because of weaker-than-expected demand.
Companies such as Ford and Volkswagen have renewed their focus on petrol-powered vehicles, particularly in the United States, where government incentives for EV buyers have been reduced.
Ferrari’s competitors have also become more cautious. Lamborghini has abandoned plans for a fully electric model and is concentrating on hybrids, while Porsche has scaled back its EV ambitions because of disappointing sales, especially in China and the United States.
European manufacturers are also facing growing competition from Chinese companies, which can often build electric vehicles more quickly and at lower cost. However, the company believes the Luce will attract buyers looking for high performance without a traditional combustion engine.
Ferrari plans to continue offering petrol, hybrid and electric vehicles side by side.
Although Ferrari remains Europe’s most valuable carmaker and has largely avoided the difficulties facing many rivals, its share price has fallen by more than 30% over the past year, reflecting a broader slowdown in the global luxury goods market as inflation has reduced demand for expensive products.
