Ferrari's Luce leads bold leap into uncertain electric er

As its sports car rivals tap the brakes on a shift to EVs, Ferrari RACE.MI will take a leap into an uncertain era on Monday with the launch of its first fully-electric car, betting it can connect with drivers even without a throaty engine roar.

With a top speed of 310 kph (193 mph), Ferrari's four-door Luce - meaning 'light' in Italian - will carry a price tag of more than €500,000 ($586,000).

Former Apple AAPL.O designer Jony Ive's studio LoveFrom was involved in developing the Luce, which sources describe as a large car with a look distinct from Ferrari's usual models.

"It's a risk and a bit of a bet," said Phil Dunne, a managing director at consultancy Grant Thornton Stax. "But it's a good thing to do because they are leading the way."

Monday's unveiling in Rome of the hotly awaited Luce caps years of preparation, from early hybrid Formula One systems more than a decade ago and road models since 2019.

First deliveries to clients will start in October, the company said last year.

Ferrari has invested heavily in electrification under CEO Benedetto Vigna, including a new "e-building" at its legendary headquarters in Maranello, Italy.

ELECTRIC U-TURNS

The Luce comes at a time of doubts over electric sports cars.

Ferrari itself delayed plans for a second electric model to at least 2028 due to weak demand, Reuters has reported. And its Italian rival Lamborghini abandoned plans to roll out an electric model in 2030, citing a lack of customer interest.

Felipe Munoz of Car Industry Analysis said Ferrari does not expect the Luce to be a big seller, but rather a statement as Chinese rivals lead the world in developing flashy new EVs.

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"You might not need to have an EV supercar right now. But electrification is here for the long run, and Ferrari needs to make a move - it must define what luxury electrification looks like before someone else does," Munoz said.

Ferrari's challenge is preserving its identity with an entirely new technology as legacy high-performance brands struggle with the limitations of batteries, which are heavy and lack the sustained power and visceral appeal of petrol engines.

When Ferrari lifted the hood on the technology behind the Luce in October, this included a specially designed sound system to amplify vibrations from its powertrain to create a distinct electric Ferrari sound instead of a fake engine noise.

"The three things everybody always associates with Ferrari are how it looks, how it sounds, and how it feels," said Grant Thornton Stax's Dunne, adding that going electric means "they have to get those right in a different way".

Ferrari has scaled back its electrification targets. Fully electric cars should make up 20% of its lineup by 2030, down from a previous goal of 40%. The automaker will also continue making hybrid and traditional internal combustion engine models.

EXPANDING CLIENT REACH

The Luce could help Ferrari reach the next generation of wealthy buyers who are more open to EVs, while high petrol prices due to the Iran war also add to the appeal of electric.

CEO Vigna said in February that Ferrari would open pre-orders for the Luce in March after "very positive" initial client feedback.

And while not all Ferrari fans will be won over, the carmaker hopes a younger generation will want to own one, while its traditional ultra-wealthy buyers will still want a Ferrari EV in their garage or on their drive.

"It certainly won't appeal to all of Ferrari's customer base," Dunne said. "But it will appeal to some."

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Ferrari: Electric Roar https://reut.rs/4a0WrmU

-Reporting by Giulio Piovaccari; Editing by Nick Carey, Adam Jourdan and Alexander Smith/Reuters