This new vehicle's name originates from the Italian word for "light." As enthusiasm for electric vehicles wanes in the U.S. market, the launch of the Luce will test the purchasing intent of the ultra-wealthy demographic.

Ferrari has officially debuted its first fully electric model, the Luce, co-designed by former Apple design chief Jony Ive, with a price tag of $640,000.

This electric vehicle makes extensive use of glass, emphasizing transparency, natural light, and spaciousness, marking a stark departure from the traditional Ferrari image.

This Sunday, Europe's highest-valued automaker unveiled its first model without an internal combustion engine.

The new car is named Luce (pronounced: Loo-chay), derived from the Italian word for "light." With electric vehicles facing a downturn in the crucial U.S. luxury car market, this model will serve as a test for supercar buyers' acceptance of electrification. The vehicle's design involved renowned designer and former Apple executive Jony Ive. For decades, Ferrari has built its brand on the roar, feel, and driving experience of traditional engines, and this new car signifies a major stride into an entirely new technological era.

While the Luce is not a limited-edition collector's series, it ranks among Ferrari's most expensive models. Its starting price in Italy is €550,000, approximately $640,000.

The unveiling event was held at Rome's Calatrava Sails Stadium, a venue named for its giant concrete "sail" structures and also inaugurated for the 2025 Jubilee events. The event featured tortellini pasta by renowned Italian chef Massimo Bottura and a short film of F1 champions Lewis Hamilton and Charles Leclerc test-driving the car, all presented with dramatic lighting effects.

Following its debut, the car sparked heated debate among enthusiasts, with many criticizing its design as a departure from Ferrari's classic style. This reaction contributed to a roughly 6% drop in Ferrari's Milan-listed stock price.

Ferrari, however, views this transition as an innovative endeavor.

Ferrari Chairman John Elkann stated, "We wanted to create something that was previously impossible."

"It looks very different from what people imagine a sports car to be," Elkann added.

The electric vehicle was designed by Jony Ive and his partner Marc Newson. Elkann, who previously admired their work on the Apple Watch, described that product as "a perfect example of how a traditional category can be reinvented through digital technology," which led to the collaboration.

The Luce is also Ferrari's first five-seater model. Constraints from traditional powertrain axle configurations had previously prevented Ferrari from offering a five-seat version.

Ferrari states that despite its spacious interior, the car's performance remains formidable: it accelerates from 0 to 60 mph in under 2.5 seconds, with a top speed exceeding 190 mph. The vehicle is equipped with four electric motors, one for each wheel.

Elkann noted, "Everything we did was to make the car faster and, more importantly, to create a car that people truly desire to drive."

Range is not the vehicle's primary focus. Even with an exceptionally large battery pack, its combined range is only about 330 miles, whereas the latest electric models from BMW and Volvo have surpassed 500 miles.

Engine sound is a core element of Ferrari's identity. To address this, the brand has equipped the car with an external sound amplification system that projects the natural sounds of the electric drivetrain outside the vehicle. When switched to performance mode, corresponding sound feedback is also generated within the cabin. Ferrari compares this system to the working principle of an electric guitar.

Visually, the upper body and numerous interior components are made of glass, supplied by the U.S. company Corning, a longstanding firm now highly sought after in the field of artificial intelligence.

The interior design blends digital and physical controls, a hallmark of the California-based design team.

The vehicle retains a traditional steering wheel, physical knobs, and toggle switches. The onboard screen uses an organic light-emitting diode (OLED) display that requires no backlighting, creating a feel reminiscent of a traditional mechanical cockpit.

Elkann, a grandson of Italian industrialist Gianni Agnelli and head of the family investment group that controls Ferrari, stated, "The electrification of cars does not mean they must become consumer electronics. This is perhaps a misconception the entire automotive industry has labored under for the past decade."

Ferrari aims to astonish fans with cutting-edge technology while ensuring that, as a collectible vehicle, it retains long-term value. Ferrari estimates that 90% of all Ferraris ever built are still on the road, upholding the brand's philosophy of enduring classics.

In the rapidly evolving electric vehicle sector, balancing innovation with classic heritage required a five-year effort involving significant investment and the recruitment of key talent from the technology industry to achieve a breakthrough.

Elkann first announced plans for this new car in 2021, during the pandemic-fueled surge in electric technology interest. The following year, he appointed former chip industry executive Benedetto Vigna as Ferrari's CEO.

Speaking at an event in London last month, Vigna admitted that upon joining, "everyone was apprehensive about electrification. But thanks to my background, people were willing to trust me."

In 2024, Ferrari invested approximately $230 million in a new plant at its Maranello headquarters in Italy, enabling the production of electric, hybrid, and traditional internal combustion engine vehicles on the same line.

Amid weak demand for electric sports cars, competitors like Porsche have slowed their electrification plans, while Lamborghini and McLaren have recently stated the current electric vehicle market is limited. Mass-market automakers like Ford and Stellantis (parent of Jeep), which rushed into electrification, have since written down billions due to poor performance and are refocusing on internal combustion and hybrid vehicles. Ferrari, however, remains committed to its electric strategy.

Elkann, who also serves as Chairman of Stellantis, remarked, "Many automakers are pushing electrification primarily due to regulatory pressure. We want to fully leverage the cutting-edge technology available today."

"The choice lies with the customer. Current feedback suggests many owners of our internal combustion and hybrid models are also willing to purchase our electric vehicle."

Ferrari has always maintained controlled production volumes, leveraging its brand's fanbase to generate hype. Limited-edition models coveted by collectors are often offered first to existing clients. The company revealed earlier this month that its order backlog for new cars now extends to the end of 2027.

Potential weakness in demand might surface in the used car market. Previous depreciation of hybrid models has raised concerns that battery-equipped Ferraris may not hold their value as well as traditional internal combustion models.

In response, Ferrari introduced an extended warranty program for its plug-in hybrid models in 2024, including free battery replacement every eight years, and stated that the Luce's electronic systems and battery would receive equivalent after-sales coverage.

Despite the risks of this transition, Ferrari's strong profitability and resilient stock price provide it with a level of confidence unmatched by other brands, allowing it to pursue long-term strategies.

Vigna concluded, "A luxury brand cannot cling to the past; it must take up the mantle of innovation."