Ferrari shares plunge 14% after carmaker updates guidance, halves EV sales target
Ferrari shares plunge 14% after carmaker updates guidance, halves EV sales target
Shares of Ferrari plunged more than 14% on Thursday after the luxury carmaker updated its full-year and 2030 guidance and scaled back its electrification ambitions.
The Maranello, Italy-based sports car manufacturer said at its Capital Markets Day event that it expected net revenue of at least 7.1 billion euros ($10.7 billion) this year, up from a previous forecast of more than 7 billion euros.
Ferrari said it expected net revenue of around 9 billion euros in 2030.
Shares of the company fell on the news. The Milan-listed stock price tumbled as much as 14.7% on Thursday morning. The firm's U.S.-listed share price, meanwhile, was off more than 13.4% in premarket trade.
In a separate update , Ferrari said it would target a 2030 sports car model line-up made up of 40% internal combustion engine (ICE) cars, 40% hybrid and 20% fully electric vehicles.
Ferrari said the revised target, which is down from a prior goal of 40% EV sales by the end of the decade, is the result of a client-centric approach, the current environment and its expected evolution.
The pivot comes as the Italian carmaker lifted the hood on the technology set to power its maiden electric vehicle. Ferrari unveiled the production-ready chassis and powertrain of the "elettrica" during a technology and innovation workshop, saying it would start deliveries of the model in late 2026.
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