Ferrari shares fall 8% after first electric model unveiled

Shares of Ferrari fell sharply on Tuesday following the unveiling of the Luce, the Italian luxury automaker's first fully electric vehicle. The stock dropped nearly eight percent in Milan trading, erasing billions in market value, as investors and brand enthusiasts reacted coolly to the new model.

The Luce represents a significant strategic shift for a company long synonymous with high-performance combustion engines. The four-door, five-seat family car, with a starting price between 550,000 and 640,000 euros, was developed with input from former Apple design chief Jony Ive and his firm, LoveFrom. Company CEO Benedetto Vigna has described the vehicle as evidence of how tradition and innovation can come together to create something unique.

Market reaction, however, was swift and negative. Analysts suggested the share price movement reflected both aesthetic disappointment and broader investor concerns over Ferrari's expansion into electric models. Social media commentary was largely critical, with many users questioning whether the design remained true to the brand's heritage. Luca Cordero di Montezemolo, a former longtime Ferrari chairman, publicly criticized the model, calling it...