Luxury sports car maker Ferrari has unveiled its first fully electric car, the $640,000 (£474,320) model named Luce, marking a major shift in the company’s history.
The new model departs from Ferrari’s traditional design as its first-ever five-seater, developed in collaboration with the LoveFrom design agency founded by former Apple design chief Sir Jony Ive.
The launch has sparked mixed reactions on social media, with some users criticizing the design as “straight to the junkyard trash,” while others praised it as an “absolute masterclass in design.”
Ferrari chief executive Benedetto Vigna said in Rome that the Luce—Italian for “light”—took five years to develop.
The company, which had previously focused on hybrid vehicles, has now moved into full electric technology while confirming it will continue producing petrol and hybrid models alongside EVs.
The Luce is powered by a Ferrari-made electric motor on each wheel, allowing it to reach 60mph (96km/h) in around 2.5 seconds. Ferrari also said all components are produced in-house to ensure long-term servicing and protect the car’s resale value.
The launch comes at a challenging time for the global EV market, as major carmakers adjust their strategies due to fluctuating demand and rising competition, particularly from Chinese manufacturers.
Rivals such as Lamborghini have abandoned plans for fully electric models, instead focusing on hybrids, while Porsche has also scaled back its EV ambitions amid weak demand in key markets like China and the United States.
In addition, Western automakers continue to face strong competition from Chinese companies capable of producing vehicles at lower cost and higher speed.
Ferrari remains Europe’s most valuable carmaker, relying on exclusivity and high-end pricing to maintain its position in the luxury market. However, its shares have fallen by more than 25% over the past year, reflecting a broader slowdown in demand for luxury goods driven by global economic pressures.
Ferrari’s chief design officer Flavio Manzoni acknowledged criticism of the new design, saying in an interview that such reactions are part of the innovation process.
He admitted the concept is “polarising,” but expressed confidence that public perception would improve over time.
