Ferrari, on Tuesday, presented its first-ever fully electric car to Italy's president and Pope Leo XIV. Yet it's still waiting for the ultimate approval from someone less high-profile: the consumer.

The Italian automaker unveiled the all-new Luce EV on Monday — even as other luxury competitors dial back ambitious electrification plans amid waning demand in some markets around the world. The roll-out has been met with scepticism by the markets and auto critics.

John Elkann, president of the iconic brand, showed off the new model to Leo at the pope's summer residence in Castel Gandolfo, just south of Rome.