STORY: :: Ferrari

Ferrari presented its first fully electric car on Monday, marking a high-stakes shift by the luxury sports car maker.

Dubbed the Luce, it has a range of over 300 miles and features four electric motors, which help deliver more than 1,000 horsepower and a top speed close to 200 miles per hour. 

Priced at $640,000, Ferrari aims to appeal to families with deep pockets, offering them comfortable seats, high-end tech and a big trunk. 

The four-door Luce, Italian for 'light', is Ferrari's first five-seater and was developed with the help of former Apple design chief Jony Ive and his collective LoveFrom.

The Luce marks a gamble that a generation steeped in technology and AI, and less attached to the brand's trademark 12- and 8-cylinder engine legacy, will shift to high-tech luxury EVs.

The move comes as competitors including Porsche and Lamborghini scale back their EV ambitions, citing weak demand.

Ferrari also hopes the Luce will help it expand in markets like China, where EVs are already widespread and big petrol cars are heavily taxed.