The main mistake made here is that the color is a weird sky blue. The actual shape looks great - just needs to be red.

That is clearly not the mistake, there are images of it in blue, red, and yellow. I've also seen a couple of different styles of wheels. The design looks bad (for a Ferrari) in every iteration. The overwhelming feedback on public discussions is that it looks [cheap|terrible|boring|notFerrari].

It looks like Hundai's homage to Ferrari.

Nah, the main mistake is Jony Ive. one hit wonder.

To me, it looks a bit like a kit car (especially from the back)

There's red one as well.