Ferrari unveils its first electric car - and it comes with a $640,000 price tag | CNN Business

Ferrari presented its first fully electric car on Monday, marking a high-stakes shift by the luxury sports car maker as competitors including Porsche and Lamborghini scale back their EV ambitions, citing weak demand. The four-door Luce, Italian for ‘light’, was developed with the help of former Apple design chief Jony Ive and his collective LoveFrom, and is Ferrari’s first five-seater. Ferrari aims to appeal to families with deep pockets, offering them comfortable seats, high-end tech and a 600-liter trunk. Deliveries of the long-awaited Luce, priced at €550,000 ($640,000), are due to begin in the fourth quarter of 2026. “It’s the result of five years of work,” CEO Benedetto Vigna told more than 200 reporters gathered in Rome. The Luce, which amplifies natural vibration sounds from its EV powertrain to maintain the visceral appeal of a traditional Ferrari, marks a gamble that a generation steeped in technology and AI, and less attached to its trademark 12- and 8-cylinder engine legacy, will shift to high-tech luxury EVs. Ferrari is hoping that will also give it the opportunity to move further into markets such as China, where EVs are already widespread and big petrol