Ferrari recently unveiled its highly anticipated first fully electric vehicle, the Luce, during an exclusive, high-security event held at the Vela di Calatrava sports complex in Rome. The debut, which followed five years of development, featured a design departure from the brand’s traditional aesthetic, incorporating minimalist elements influenced by former Apple design chief Jony Ive. The vehicle, which carries a price tag of 550,000 euros, marks the company’s first foray into the five-seater market, aiming to blend luxury with modern electric propulsion.

Despite the elaborate presentation—which included appearances by Ferrari leadership and racing stars Lewis Hamilton and Charles Leclerc—the market reaction was swift and negative. Ferrari shares fell 8% the day following the reveal, as investors and critics expressed skepticism regarding the car’s unconventional styling. The design, which leans heavily into a modern, minimalist look, has sparked a national debate in Italy, drawing criticism from public figures who questioned whether the aesthetic aligns with the brand’s storied heritage.

CEO Benedetto Vigna has defended the design choices, arguing that the shift in appearance is a necessary reflection of the new electric technology housed within the vehicle. While the car has faced a wave of social media backlash and comparisons to previous design eras, industry analysts remain optimistic about its long-term viability. Many experts suggest that the brand’s strong base of collectors and loyalists will likely ensure the Luce finds its place in the market, regardless of the initial controversy surrounding its debut.