Ferrari bets on generational tech shift with Luce five-seat EV

Ferrari RACE.MI presented its first fully electric car on Monday, marking a high-stakes shift by the luxury sports car maker as competitors including Porsche P911_p.DE 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 AAPL.O 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-litre boot. 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 cars are heavily taxed.

"In our client base there are many ... who are still looking for something completely different, to be used in different moments of life," said Ferrari's chief marketing and commercial officer Enrico Galliera.

"It's absolutely stunning," Galliera added of the car, which features four electric motors — one per wheel — which help deliver more than 1,000 horsepower, a top speed above 310 kph, and increased agility for a car weighing more than 2.2 tons.

Ferrari said the Luce has a range of over 500 kilometres.

A light show launch featured five Luces, painted from Ferrari-red to white and light blue, which mark a break from the carmaker's aggressive, muscular, signature sporty style with a larger body and expansive, glass-led design.

The Luce interior defers to traditional Ferrari luxury, with leather, glass and anodised aluminium surfaces as well as several physical controls which differ from the all-digital, touch-led approach of Tesla TSLA.O and some Chinese EV makers.

($1 = 0.8593 euros)

-Reporting by Giulio Piovaccari; Editing by Alexander Smith/Reuters