A worker on the production line at the new Ferrari NV E-building factory in Maranello, Italy, on Friday, June 21, 2024.
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Shares of Ferrari plunged more than 13% 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 nearly 14% on Thursday morning.
The firm’s U.S.-listed share price, meanwhile, was off more than 12.4% 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.
The completed car is expected to be launched at a global premiere next year.
A picture shows the entrance of the historic Ferrari factory in Maranello on February 18, 2025.
Federico Scoppa | Afp | Getty Images
“With the new Ferrari elettrica, we once again affirm our will to progress by uniting the discipline of technology, the creativity of design and the craft of manufacturing,” John Elkann, executive chairman of Ferrari, said in a statement.
Several global carmakers have scaled back their EV sales targets in recent months, citing factors such a lack of affordable models, a slower-than-anticipated rollout of charging points and intense competition from China.
Sweden’s Volvo Cars, for instance, abandoned its heavily promoted plan to sell only EVs by 2030, saying in September last year that it needed to be “pragmatic and flexible” amid changing market conditions.
Ferrari, which has seen its current number of active clients grow to 90,000, an increase of 20% compared to 2022, also said it planned to launch an average of four new cars per year between 2026 and 2030.
‘Great deal of confidence’
Analysts at JPMorgan were bullish following the announcements laid out in Ferrari’s 2030 Strategic Plan.
“We have a great deal of confidence in management’s ability to execute on its long-term plan given ample evidence that demand currently far outstrips supply,” analysts at JPMorgan said Thursday in a research note.
“We also estimate the company benefits from CEO Benedetto Vigna’s leadership style, which has challenged the company to capitalise on collaboration to increase the speed at which it embraces innovation. An imminent Supercar launch may also have the potential to turbocharge profits,” they added.
— CNBC’s Michael Bloom contributed to this report.
