Ferrari's first electric sports car, to be released next year, will be a four-seat coupe with over 1,000 horsepower and a range of 530 kilometres (329 miles), the company announced Thursday.

Named "Elettrica", the new Ferrari is primarily targeted at wealthy customers "who want to drive only electric cars and want to live the Ferrari experience," Ferrari CEO Benedetto Vigna said during a presentation to investors and the media at the company's factory in Maranello.

But Ferrari has no intention of going all-electric with its portfolio anytime soon.

"It's an addition (to the lineup), not a transition," Vigna said.

The company did not disclose a selling price for the car, but analysts say Ferrari will need to carefully position it in relation to the nearly 500,000 euros ($580,500) base pr

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