Post by Augustine Chiagozie (@pabloexchange)

🚗 Ferrari shares fall after launch of its first EV

Ferrari stock dropped sharply after the company unveiled Luce, its first fully electric car. Shares in Milan fell about 8% following the presentation.

The Luce was designed with LoveFrom, the studio of former Apple designer Jony Ive. Ferrari says the car opens “a new chapter” for the brand, but reactions from investors and fans were mixed.

The car starts at around €550,000 ($640,000), reaches 100 km/h in about 2.5 seconds, and deliveries are expected to begin later this year.

Analysts said part of the backlash comes from fears that a fully electric Ferrari moves too far away from the company’s identity built around combustion engines and classic supercar design.

Ferrari spent years building one of the strongest brands in the auto industry.

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