Ferrari unveils new Luce model, the company's first fully electric car

Ferrari is entering a new era with the unveiling of its first fully electric vehicle.

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

The new model is expected to carry a price tag of about $640,000, with deliveries slated to begin late this year.

"It's the result of five years of work," Ferrari CEO Benedetto Vigna recently told reporters in Rome.

The launch comes as other luxury competitors, including Porsche and Lamborghini, scale back their electric vehicle plans, citing weaker-than-expected demand.