Ferrari shares declined approximately 6% following the unveiling of its new electric vehicle, the Luce, priced at $640,000. The stock drop coincided with widespread negative reaction to the vehicle's design across social media platforms.

The luxury automaker's market capitalization decreased by roughly $5 billion as investors reacted to the online criticism. Social media users created numerous memes mocking the Luce's appearance, generating significant negative buzz around the highly anticipated electric vehicle launch.

The Luce represents Ferrari's entry into the premium electric vehicle market, positioning the company to compete with other luxury EV manufacturers. The vehicle's design departure from traditional Ferrari aesthetics appears to have generated polarizing reactions among consumers and automotive enthusiasts.

Despite the initial market reaction, some Wall Street analysts are characterizing the stock decline as a buying opportunity. The analysts suggest the negative online sentiment may be temporary and not necessarily reflective of the vehicle's long-term commercial prospects.

Ferrari's stock performance following product launches has historically shown volatility, with initial market reactions not always correlating with eventual sales performance. The company's electric vehicle strategy remains a key focus for investors as the automotive industry continues its transition toward electrification.