Key takeaways: The Bentley Torcal is the brand's first fully electric model, with a maximum range of 600 kilometers and a 0-60 mph acceleration time of under 3 seconds.

The car is priced at $229,500. Just three months earlier, Ferrari NV (RACE) launched its controversial Luce electric vehicle at $626,000, a new model that dramatically upended the Italian luxury brand's traditional design.

Bentley CEO Frank-Steffen Walliser said that even as Porsche and Lamborghini scale back their electrification plans, acceptance of electric vehicles among high-net-worth buyers is "steadily rising."

British luxury automaker Bentley has officially unveiled the first fully electric model in its history. The brand hopes to use it to test how willing wealthy customers are to embrace electric vehicles, while also taking the fight to rivals such as Ferrari NV (RACE).

The all-new Torcal is the first electric model in Bentley's 107-year history, becoming the brand's fourth major model line alongside the Continental GT, Flying Spur, and Bentayga. The vehicle was designed and engineered at the company's factory in Crewe, in northwestern England.

The Bentley launch comes three months after Ferrari NV (RACE) introduced its own first electric model. Some of the negative feedback in certain markets stemmed from design changes that were seen as too drastic. The Luce is the first five-seat model in Ferrari's history, and its exterior is a far cry from the brand's classic traditional sports car styling.

Bentley Torcal

On Thursday, Bentley chairman and CEO Frank-Steffen Walliser said on the program "Europe Pre-Market" that "in terms of price range, the Torcal is an entry-level product for Bentley, and we have already received very positive feedback from markets around the world."

The Torcal was officially unveiled at a launch event in London on Wednesday evening. The car has a maximum range of 600 kilometers and accelerates from 0 to 60 mph in under 3 seconds. Its starting price is 173,000 pounds (about $229,000), far below the 550,000 euros (about $626,000) price of the Ferrari NV (RACE) Luce.

Asked whether Bentley had learned any lessons from the launch of the Ferrari NV (RACE) Luce, Walliser said: "Not really. The auto industry is a long-cycle industry, and vehicle engineering and development takes years. This car went through a four-year development cycle, and it was impossible for us to hastily adjust the product simply in response to a competitor's moves."

He added: "We have observed that market acceptance of electric vehicles is continuing to rise. Customers are also better informed, and they understand very clearly what this technology can achieve."

Other sports car makers, such as Porsche and Lamborghini, have already scaled back their electric vehicle launch plans because demand fell short of expectations. But Bentley's Walliser believes acceptance of electrification among high-net-worth consumers is "growing."

He said Bentley's goal is to build a "pure Bentley," with a focus on refining design, driving feel, and the overall sound experience of the vehicle.