Ferrari unveils first fully electric car

Ferrari unveils first fully electric car2 hours agoShareSaveAdd as preferred on GoogleOsmond ChiaBusiness reporterFerrariThe all-electric Ferrari Luce is expected to be available later this yearLuxury sports car maker Ferrari has unveiled its first fully electric car - the $640,000 (£474,320) Luce.The new model departs from the look of typical Ferraris as the Italian brand's first ever five-seater, created in collaboration with the LoveFrom agency founded by former Apple design chief Sir Jony Ive.Responses on social media to the launch have ranged from describing it as "straight to the junkyard trash" to an "absolute masterclass in design".Supercar rivals like Lamborghini and Porsche have scaled back on their EV plans due to poor demand and intense competition from Chinese brands.Ferrari chief executive Benedetto Vigna said in Rome that the Luce, Italian for "light", has taken half a decade to develop.Ferrari plans to roll out the electric vehicle (EV) after previously ruling out such a move, opting instead to make hybrid cars that are powered by both petrol and electricity.The Luce runs with a Ferrari-made electric motor on each wheel, helping the car to hit 60mph (96km/h) in around 2.5 seconds.The firm said that all of the components are made in-house, so that the car can be repaired by the company well into the future, protecting the Luce's resale value.The shift by motor industry giants to EVs has faced major obstacles in recent years.Carmakers including Ford and Volkswagen have doubled down on petrol cars, especially in the US, due to poor demand and regulatory changes under President Donald Trump, who has cut incentives for EV buyers.The launch of Jaguar's electric concept car was heavily criticised for abandoning the British brand's classic styling.FerrariThe Luce is Ferrari's first five-seater carFerrari's unveiling of Luce has faced similar criticism.One account on X said: "Ferrari just killed...