ALBAWABA - Ferrari lost nearly $14 billion in market value in a single day after revealing plans to produce its first fully electric car.
The Italian luxury sports car manufacturer's stock fell 16 percent to $77 billion in one day, marking its worst trading performance ever.
This sharp decline came after the Italian luxury car company announced its new five-year plan and details of the Ferrari Electrica electric model, sparking Wall Street concerns and investor concern, leading to this huge loss.
Ferrari faces great doubts from its investors about its ability to maintain the brand's identity, known for its roaring engines and elegant designs, especially with no official image of the new electric car, which is priced at over $300,000.
Ferrari's electric car is scheduled to hit the market in late 2026, with its design officially unveiled next spring.
