Ferrari's First Electric Car Sparks Investor and Fan Backlash
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Ferrari unveiled its first electric vehicle on Monday, a model called Luce priced at half a billion euros, triggering sharp criticism from fans and a significant market reaction. The innovative design caused Ferrari shares to drop approximately 7 percent on the stock exchange following the announcement. A former Ferrari director warned that the company risks destroying its legendary status with the electric vehicle venture. Mercedes-Benz experienced a similar negative reaction to its new electric model last week, suggesting broader market skepticism toward traditional luxury automakers' transition to electric vehicles.