Ferrari’s stock dropped 15% on Thursday, largely due to disappointing new long-term financial goals, overshadowing the excitement surrounding their announcement of electric car technology.
The decline has erased about 13.5 billion euros ($15.67 billion) from the company’s market value.
The luxury car maker has set a sales target of 9 billion euros ($10.4 billion) for 2030, slightly up from this year’s estimate of 7.1 billion euros. However, many had expected more ambitious goals.
“I think expectations were for higher sales figures,” CEO Benedetto Vigna noted, emphasizing the importance of setting achievable targets during a presentation of the company’s updated long-term business plan through 2030.
At Ferrari’s headquarters in Maranello, Italy, executives shared more about their new electric vehicle, the “Elettrica.” While they have introduced a production-ready chassis equipped with a battery and electric motor, the pricing remains undetermined.
Goals miss the mark, electric ambitions revised
The new financial projections for 2030 were below analysts’ expectations, causing a significant dip in shares listed in Milan, with a near 17% fall—the lowest point since February 2024.
Citi analysts mentioned that the latest guidance is not in line with their expectations or consensus estimates.
Ferrari has also toned down its electrification strategy. The revised plan for 2030 aims for a lineup consisting of 40% internal combustion engine (ICE) models, 40% hybrids, and only 20% fully electric vehicles.
This approach contrasts sharply with the earlier plan from 2022, which projected a 40% electric model share, a 40% hybrid share, and a remaining 20% for ICE vehicles.
According to Vigna, if all goes well, they expect to have their second electric vehicle ready by 2030.
Earlier reports indicated that Ferrari might not introduce another electric model until 2028, largely due to less-than-expected demand for high-performance luxury electric cars.
The introduction of their first electric vehicle marks a significant step for Ferrari, which has been facing challenges in transitioning from traditional combustion engines to electric models.
Looking ahead, Ferrari plans to unveil an average of four new models each year from 2026 to 2030, a strategy that seems to maintain interest among affluent customers.
The Elettrica, boasting 1,000 horsepower and designed with ample seating, aims to complement Ferrari’s existing gasoline and hybrid offerings.
New lifestyle store on the horizon
All critical components for the EVs, including high-voltage batteries and electric axles, are to be designed and manufactured in-house at Ferrari’s new facility in Maranello.
Remarkably, their customer base has expanded by approximately 20% since 2022, now totaling around 90,000 enthusiasts.
To further engage this growing community, Ferrari intends to establish new TaylorMade centers in Tokyo and Los Angeles by 2027, allowing clients to customize their vehicles more personally.
Additionally, the company is pushing ahead with its lifestyle strategy, planning flagship stores in London and New York by 2026, where customers can explore a broader range of luxury products and experiences associated with the brand.
