Ferrari CEO Benedetto Vigna defended the $640,000 price tag of the luxury automaker’s first EV on Thursday, emphasizing the model’s innovation and strong customer demand. Despite the CEO’s positivity, the electric vehicle has been slammed by Ferrari fans and investors alike.

CNBC reports that Ferrari Chief Executive Benedetto Vigna defended the 550,000-euro price tag, approximately 640,000 dollars, of the luxury automaker’s first fully electric vehicle on Thursday, emphasizing the model’s innovation and strong customer demand. The comments came during a round table discussion in Modena, Italy, as the company seeks to address concerns…

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