Ferrari has revealed its first-ever fully electric vehicle, the Luce, marking a major milestone in the Italian luxury sports car maker’s history. The new model carries a starting price of $640,000 (£474,320).

The Luce departs from Ferrari’s traditional design language and becomes the brand’s first five-seat vehicle. Its styling was developed in collaboration with design agency LoveFrom.

Five Years in Development

According to the BBC, Ferrari Chief Executive Benedetto Vigna said during an event in Rome that the Luce — meaning “light” in Italian — took around five years to develop.

Ferrari had previously resisted launching a fully electric model, instead focusing on hybrid vehicles that combine combustion engines with electric power. The company has now formally entered the high-performance EV segment.

Performance and In-House Engineering

Ferrari said all key components were designed and manufactured in-house, allowing long-term servicing and helping preserve the vehicle’s resale value.

The Luce is powered by four electric motors, one for each wheel, enabling the car to accelerate from 0 to 60 mph (96 km/h) in approximately 2.5 seconds.

Industry Faces Growing Challenges

The launch comes as the global electric vehicle market faces increasing headwinds. Rival luxury brands including Lamborghini and Porsche have scaled back some EV plans amid weaker-than-expected demand and growing competition from Chinese manufacturers.

Meanwhile, major automakers such as Ford and Volkswagen have renewed investment in gasoline-powered vehicles, particularly in the United States, where changes to EV incentives have weighed on consumer demand.