Ferrari NV (RACE) shares plummeted 5.14% during intraday trading on Tuesday, following the company's unveiling of its first-ever electric vehicle.

The Italian supercar maker launched the Luce, a $640,000 electric speedster co-designed with former Apple design chief Jony Ive. The vehicle's controversial design was widely panned on social media, drawing unfavorable comparisons to more affordable EVs like the Nissan Leaf. Investors expressed concern over Ferrari's electric pivot, questioning whether the high-priced model would resonate with the brand's traditional clientele in a segment where demand has been limited.

Analysts noted the launch represents a significant test for Ferrari as it ventures into electrification, with the company expecting 20% of its lineup to be electric by 2030. The negative market reaction highlights investor skepticism about the Luce's ability to drive volumes and maintain Ferrari's premium brand image in the evolving EV landscape.