Ferrari bet its legacy on an EV designed by Jony Ive. The backlash wiped out $5 billion in a day.

Ferrari unveiled the Luce, its first fully electric car and first five-seater, with design input from Jony Ive’s LoveFrom.

The launch sparked immediate backlash from investors, owners, and public figures who said it strays too far from Ferrari’s classic identity.

Ferrari shares fell about 8%, wiping out more than $5 billion in market value.

Company leaders defended the EV as a bold, necessary move as Ferrari tries to enter the electric era without losing its brand appeal.