Ferrari is facing strong backlash after unveiling the Luce, its first fully electric vehicle and reportedly the most expensive model in the company’s history, according to Yahoo.

The four-door, five-seat electric grand tourer is priced at around $640,000 and was designed in collaboration with former Apple design chief Jony Ive and designer Marc Newson.

Ferrari positioned the launch as a key step toward its electric future, but the reaction online was largely negative. On X, users mocked the design and compared it to a refrigerator, sparking widespread criticism of the car’s styling direction.

The backlash also came from within Ferrari’s own legacy leadership. Former chairman Luca Cordero di Montezemolo questioned the brand’s direction, saying the company was “risking the destruction of a myth” as it moves away from combustion engines. He also suggested the iconic Prancing Horse badge should not be placed on the new EV.

The controversy was followed by a sharp market reaction, with Ferrari shares reportedly falling around 7% within 24 hours of the unveiling, erasing billions in market value and marking one of its steepest single-day drops in recent times.

Ferrari has traditionally built its identity around high-revving V8 and V12 engines, where sound and mechanical emotion are central to its appeal. Many longtime enthusiasts argue that the Luce breaks from that legacy.

Current leadership, led by CEO Benedetto Vigna, maintains that electrification is essential as the luxury automotive industry transitions toward lower-emission technologies.

Despite the criticism, the Luce reportedly delivers over 1,000 horsepower and accelerates from 0 to 100 km/h in about 2.5 seconds.

Since leaving Apple in 2019, Ive has been involved in multiple high-profile ventures that have faced delays or commercial challenges. His design network was linked to the Humane AI Pin project, which struggled in the market and was later partly sold to HP.