Ferrari has unveiled its first fully electric car, the Luce, carrying a price tag of $640,000 and marking a significant departure from the brand’s traditional identity.
The Italian luxury sports car maker designed the Luce in collaboration with the LoveFrom agency, which was founded by former Apple design chief Sir Jony Ive.
The new model is notably Ferrari’s first ever five-seater, representing a striking visual break from the company’s established design language.
Ferrari chief executive Benedetto Vigna said in Rome that the Luce, Italian for “light”, has taken half a decade to develop.
Vigna also presented the car to Pope Leo on Tuesday, who sat in the vehicle and was handed its steering wheel during the visit.
Shares in Ferrari fell more than 8% on the Milan stock market on Tuesday and dropped by over 5% in New York following the unveiling.
The Luce is powered by a Ferrari-made electric motor on each wheel, enabling the car to reach 60mph in around 2.5 seconds.
Ferrari said all components are made in-house, ensuring the car can be repaired by the company well into the future and protecting its resale value.
The firm has also confirmed it will continue to offer petrol and hybrid cars alongside its new all-electric vehicle, maintaining its existing range.
Reaction on social media to the launch was deeply divided, ranging from sharp criticism to enthusiastic praise for the car’s design.
One account on X wrote: “Ferrari just killed their brand just like Jaguar did. This is straight to the junkyard trash.”
Another posted: “What is going on with European Luxury car manufacturers? First Jaguar and now Ferrari.”
However, not all responses were negative, with one user writing: “Absolute masterclass in design. Ferrari just unveiled the breathtaking LUCE concept, and it is a total game changer.”
Ferrari’s chief design officer Flavio Manzoni acknowledged in an interview with YouTuber Cleo Abram that the concept is “polarising” but believes people will appreciate it in the months to come.
He also said that critics are a natural part of the innovation process, framing the mixed response as expected rather than damaging.
The broader shift by motor industry giants toward electric vehicles has encountered significant obstacles in recent years across global markets.
Carmakers including Ford and Volkswagen have doubled down on petrol cars, particularly in the US, citing poor demand and regulatory changes under President Donald Trump, who has cut incentives for EV buyers.
Supercar rivals Lamborghini and Porsche have also scaled back their electric vehicle plans, each citing weak demand and fierce competition from Chinese manufacturers.
Lamborghini abandoned plans to launch all-electric cars entirely, pivoting instead to hybrid models, while Porsche has been caught between poor sales in China and tariffs in the US.
Ferrari’s shares have dropped by more than 30% over the past year, reflecting a wider slump across luxury brands as global inflation has dampened demand for high-end goods.