Luxury sports car manufacturer Ferrari has officially unveiled its first fully electric vehicle, the Luce, priced at US$640,000.
The launch marks a major shift for the Italian automaker, which had previously focused on hybrid technology rather than fully electric vehicles.
Named after the Italian word for “light”, the Luce was developed over five years and represents Ferrari’s first-ever five-seater model.
The car was created in collaboration with LoveFrom, the design agency founded by former Apple design chief Jony Ive.
Mixed reactions after unveiling
The launch quickly drew mixed reactions across social media, with some users criticising the design while others praised Ferrari’s bold approach.
One user on X described the car as “straight to the junkyard trash”, while another said Ferrari had “killed their brand just like Jaguar did”.
Others, however, welcomed the design direction. One post described the Luce as an “absolute masterclass in design” and called it a “game changer”.
Following the unveiling, Ferrari shares fell more than 8% on the Milan stock exchange and more than 5% in New York.
Ferrari embraces electric future
Ferrari chief executive Benedetto Vigna said the company took half a decade to develop the Luce.
The electric vehicle features a Ferrari-made motor on each wheel, enabling the car to accelerate from 0 to 60mph in about 2.5 seconds.
Ferrari also said all key components were developed internally to ensure future repairs can continue to be handled by the company itself, helping to protect the vehicle’s resale value.
Ferrari chief design officer Flavio Manzoni acknowledged that the concept of an electric Ferrari with a different design language could be “polarising”.
However, he said criticism forms part of the innovation process and expressed confidence that appreciation for the design would grow over time.
Ferrari also confirmed that it would continue producing petrol-powered and hybrid vehicles alongside its electric models.
Luxury EV market faces challenges
Ferrari’s entry into the EV market comes as several luxury carmakers scale back their electric vehicle ambitions due to slowing demand.
Lamborghini has abandoned plans for fully electric models in favour of hybrids, citing weak demand for luxury EVs.
Porsche has also reduced its EV expansion plans amid weaker sales in China and tariff pressures in the United States.
The wider automotive industry continues to face intense competition from Chinese manufacturers, which are producing electric vehicles at lower costs and at a faster pace.
Despite growing pressure in the luxury sector, Ferrari remains Europe’s most valuable carmaker, supported by its long-standing strategy of producing highly exclusive vehicles.
However, the company’s shares have fallen more than 30% over the past year amid broader weakness in the global luxury goods market driven by inflation and softer consumer demand.
