The new Luce model has divided opinion on social media, and comes despite intense pressure from Chinese EV makers.
5 hours ago
Osmond ChiaBusiness reporter
Luxury sports car maker Ferrari has unveiled its first fully electric car - the $640,000 (£474,320) Luce.
The new model departs from the look of typical Ferraris as the Italian brand's first ever five-seater, created in collaboration with the LoveFrom agency founded by former Apple design chief Sir Jony Ive.
Responses on social media to the launch ranged from describing it as "straight to the junkyard trash" to an "absolute masterclass in design". On Tuesday, the firm's shares fell more than 8% on the Milan stock market and by over 5% in New York.
Supercar rivals like Lamborghini and Porsche have scaled back on their EV plans due to poor demand and intense competition from Chinese brands.
Ferrari chief executive Benedetto Vigna said in Rome that the Luce, Italian for "light", has taken half a decade to develop.
Vigna also showed the new car to Pope Leo on Tuesday, who sat in the vehicle and was presented with its steering wheel.
Ferrari plans to roll out the electric vehicle (EV) after previously ruling out such a move, opting instead to make hybrid cars that are powered by both petrol and electricity.
The Luce runs with a Ferrari-made electric motor on each wheel, helping the car to hit 60mph (96km/h) in around 2.5 seconds.
The firm said that all of the components are made in-house, so that the car can be repaired by the company well into the future, protecting the Luce's resale value.
The shift by motor industry giants to EVs has faced major obstacles in recent years.
Carmakers including Ford and Volkswagen have doubled down on petrol cars, especially in the US, due to poor demand and regulatory changes under President Donald Trump, who has cut incentives for EV buyers.
Ferrari
Ferrari's unveiling of Luce has faced similar criticism.
One account on X said: "Ferrari just killed their brand just like Jaguar did. This is straight to the junkyard trash."
"What is going on with European Luxury car manufacturers? First Jaguar and now Ferrari", another account posted.
But not all commentators reacted negatively to the new car, with one post saying: "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 said in an interview with YouTuber Cleo Abram that critics are part of the innovation process.
He acknowledged the concept of an electric Ferrari with a new design is "polarising" but believes people will appreciate it in months to come.
Ferrari has also said it will continue offer petrol and hybrid cars along with its all-electric vehicle.
Ferrari
Meanwhile, Ferrari's direct competitors have rolled back their EV ambitions.
Lamborghini abandoned its plans to launch all-electric cars, pivoting to hybrid models instead, citing low demand for high-end luxury EVs.
Germany's Porsche has scaled back its EV plans due to weak demand, caught between poor sales in China and tariffs in the US.
Ferrari is Europe's most valuable carmaker. It relies on selling highly exclusive cars - a strategy that has helped to shield Ferrari from much of the pressure faced by rivals.
Yet Ferrari's shares have dropped by more than 30% over the past year, mirroring a wider slump across luxury brands as inflation around the world has shaken demand for high-end goods.
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