Ferrari CEO Benedetto Vigna on Thursday said the cost of the manufacturer's new Luce model was a fair price to pay for innovation.

The Ferrari Luce debuts with four electric motors making over 1,000 horsepower, a radical design, and a gorgeous interior. It costs over $620,000 to start.

The Ferrari Luce is here. The company's first EV costs 550,000 euros and looks like no Ferrari before it. It's bound to be polarizing.

Ferrari has introduced its first electric vehicle, the Luce, starting at €550,000 in Italy