Ferrari CEO Benedetto Vigna on Thursday defended the 550,000-euro (about $640,000) price tag of the luxury carmaker’s first fully electric vehicle, saying the model has attracted strong interest from customers, including a new wave of ultra-wealthy buyers.

The Luce, unveiled on Monday, triggered a negative market response, with Ferrari’s Milan-listed shares dropping 8 per cent on Tuesday.

Speaking during a roundtable in Modena, Italy, on Thursday, Vigna said the price of the new Luce model reflects the level of innovation behind the vehicle and represents fair value for customers.

Vigna said some media coverage may have created the impression that the sports car maker planned to replace its traditional combustion engines with fully electric models, stressing that this was not the company’s strategy.

“You have to see Luce to understand that it has nothing to do with Chinese EVs or those by other brands,” Vigna said, according to Reuters.

The market backlash following the Luce’s unveiling was also amplified by a wave of criticism on social media, with the vehicle’s unconventional design drawing attacks from the company’s former chairman and Italy’s transport minister.

Speaking earlier in the week, Ferrari’s Vigna described the launch of the Luce as a “very, very important day” for the company, saying the model marks the beginning of “a new chapter” in the carmaker’s history.

The Luce, Ferrari’s first-ever five-seater, can accelerate from 0 to 60 mph in about 2.5 seconds and reach a top speed of approximately 192 mph.

Ferrari said it developed and manufactures all components in-house at its Maranello base, while the vehicle’s design was handled by LoveFrom, the design studio founded by former Apple chief designer Jony Ive.