Two new launches pointed to the increased demand for EVs at the top end of the car market.

Ferrari is expected to today unveil the almost $600,000 Luce, its first ever EV, marking a major departure for the Maranello-based brand, which has long been known for making some of the world’s most powerful gasoline cars.

“It’s ​a risk and a bit of a bet,” an analyst told Reuters.

Elsewhere Hefei’s JAC Group unveiled the Maextro, a luxury car experts said was China’s answer to Britain’s Rolls-Royce. The $173,000 behemoth also points to the rise of China’s homegrown luxury market. “This car changed our old belief that only BMW, Benz, and Audi are luxury cars,” a Maextro buyer told The New York Times.