By Blessing Nweke

Italian luxury automaker Ferrari has unveiled its first fully electric vehicle, the $640,000 five-seater called Luce, marking a major shift for one of the world’s most iconic sports car brands.

Presented in Rome by Ferrari chief executive Benedetto Vigna, the new model took five years to develop and was created in collaboration with LoveFrom, the design agency founded by former Apple design chief Jony Ive. The name “Luce,” meaning “light” in Italian, reflects Ferrari’s attempt to blend high performance with modern electric technology.

Unlike traditional Ferraris, the Luce features a five-seat layout and a more futuristic design. Powered by four Ferrari-built electric motors — one on each wheel — the car can accelerate from 0 to 60 mph in about 2.5 seconds. Ferrari said all major components are produced in-house to ensure long-term servicing and protect resale value.

The launch has sparked strong reactions online. Some users praised the vehicle as “an absolute masterclass in design,” while critics argued Ferrari was abandoning its heritage. One social media user wrote that the company had “killed their brand,” comparing the move to criticism faced by Jaguar after its controversial electric concept designs.

The unveiling comes as rivals including Lamborghini and Porsche scale back electric vehicle ambitions because of weak demand and growing competition from Chinese automakers.

Despite pressure across the luxury car market and a decline in Ferrari’s share price over the past year, the company remains Europe’s most valuable carmaker.