The Globe and Mail reports in its Tuesday that Ferrari presented its first fully electric car on Monday, marking a high-stakes shift by the luxury sports carmaker as competitors including Porsche and Lamborghini scale back their EV ambitions, citing weak demand. A Reuters dispatch to The Globe says the four-door Luce, Italian for 'light,' was developed with the help of former Apple design chief Jony Ive and his collective LoveFrom, and is Ferrari's first five-seater. Deliveries of the long-awaited Luce, priced at 550,000 euros ($883,000), are due to begin in the fourth quarter of 2026. 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 artificial intelligence 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 electric vehicles are already widespread and big petrol cars are heavily taxed. The car features four electric motors -- one per wheel -- which help deliver more than 1,000 horsepower, a top speed above 310 kilometres an hour and a range of over 500 kilometres. The car weighs 2.2 tonnes.