Ferrari has launched its first all-electric model, the Luce, a four-door, five-seat GT starting at 550,000 euros ($640,000). Powered by four motors delivering 1,035 horsepower, it accelerates from 0 to 100 km/h in 2.5 seconds with a top speed exceeding 310 km/h. The 122 kWh battery provides over 530 km (329 miles) of range. Designed by LoveFrom, the studio of former Apple design chief Jony Ive, the interior features motor sound amplified through 21 speakers. CEO Benedetto Vigna said the car represents over 60 new patents. Following the launch, Ferrari’s share price dropped as much as 8%, with some analysts questioning the sedan-like design.

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