Ferrari (RACE) shares dropped 6.27% in Milan trading on Tuesday, falling to €290.55 and wiping out roughly £3 billion in market cap a day after Maranello unveiled the Luce, its first all-electric car.
The reaction online was overwhelmingly negative — the design got compared to a Honda Accord, an Apple Store minivan, and a luxury toaster. Investors clearly took the temperature of the internet and ran. But we’ve seen this exact movie before — when Ford put the Mustang badge on an electric SUV.
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