Ferrari’s shares fell 15% on Thursday on disappointment over the luxury carmaker’s new long-term financial targets, taking the shine off the unveiling of the technology behind its first electric car.
The share price drop wiped 13.5 billion euros ($15.67 billion) from Ferrari’s market capitalization.
The automaker set a revenue target of 9 billion euros ($10.4 billion) for 2030, an increase on its 7.1 billion euro forecast for this year, but a less ambitious figure than the market had been hoping for.
“I think people were expecting a higher top line — but I think it is important that we execute what we say, we cannot commit on something we cannot achieve,” CEO Benedetto Vigna said, referring to financial targets, during a presentation of the company’s new long term business plan to 2030.
Company executives gathered at Ferrari’s headquarters in Maranello in northern Italy also to unveil details of Ferrari’s new EV called the Elettrica.
Ferrari showed off its production-ready chassis – a car base, with battery pack and electric motors – but has not yet determined its price.
Targets disappoint, electric ambitions scaled back
Ferrari’s new financial targets failed to meet expectations, hitting its Milan-listed shares. Earlier the shares had dropped nearly 17%, their lowest since February 2024.
“Ferrari’s new 2030 guidance falls below Citi and consensus expectations,” analysts at Citi said in a note.
Ferrari has also shifted to a less ambitious approach to electrification.
It now aims for a 2030 lineup made up of 40% internal combustion engine (ICE) models, 40% hybrids and 20% fully-electric.
This marks a change from its 2022 plan, which had targeted 40% EVs, 40% hybrids and 20% ICE models in 2030.
Vigna said that, based on these targets, it was reasonable to expect a second Ferrari EV within the plan to 2030.
Sources told Reuters earlier this year that Ferrari does not plan to launch a second EV before 2028, citing weak demand for high-performance electric luxury cars.
The unveiling of the inner workings of Ferrari’s maiden electric car marks a milestone for the company in an auto industry that has been grappling with the transition from the internal combustion engine to the electric battery for a number of years.
Ferrari said it would launch an average of four new models per year between 2026 and 2030, maintaining the steady rhythm that has helped it stimulate the interest of its wealthy clients and grow its customer base.
The 1,000 horsepower, four-plus seat, four-door Elettrica complements Ferrari’s traditional petrol and newer hybrid models.
New lifestyle stores set to open
All strategic EV components, including high-voltage battery packs, e-axles and inverters, are developed and produced in-house at Ferrari’s new “e-building” facility in Maranello.
Ferrari’s active client base has grown by around 20% since 2022, reaching 90,000.
To deepen engagement, it plans to open new “Tailor Made” centers in Tokyo and Los Angeles in 2027 to help customers to add personal touches to their vehicles.
It reaffirmed its lifestyle strategy expansion, with flagship stores planned in London and New York in 2026, and a broader range of luxury goods and experiences for both owners and fans of the brand.
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