New Delhi, May 29 -- Ferrari chief executive Benedetto Vigna has defended the Rs.5.4 crore price tag on the Luce, the Italian carmaker's first fully electric vehicle, saying the model has attracted strong interest from new ultra-wealthy customers despite an 8 per cent share price drop following its unveiling.

Speaking at a round table in Modena on Thursday, Vigna said the cost reflected the genuine innovation embodied in the car and sought to separate the Luce from other electric vehicles on the market. "You have to see Luce to understand that it has nothing to do with Chinese EVs or those by other brands," he said.

Vigna reportedly said the cost of the manufacturer's new Luce model was a fair price to pay for innovation.

The Luce was ...