Ferrari shares plunge 13% after carmaker updates guidance, halves EV sales target

Luxury carmaker Ferrari connected Thursday scaled backmost its electrification ambitions, portion offering a archetypal glimpse of the exertion that volition powerfulness "elettrica," its archetypal afloat electrical vehicle.

The Maranello, Italy-based sports car shaper said astatine its Capital Markets Day lawsuit that it would people a 2030 sports car exemplary line-up made up of 40% interior combustion motor (ICE) cars, 40% hybrid and 20% afloat electrical vehicles.

Ferrari said the revised target, which is down from a anterior extremity of 40% EV income by the extremity of the decade, is the effect of a client-centric approach, the existent situation and its expected evolution.

The pivot comes arsenic the Italian carmaker lifted the hood connected the exertion acceptable to powerfulness its maiden electrical vehicle. Ferrari unveiled the production-ready chassis and powertrain of the elettrica during a exertion and innovation workshop, saying it would commencement deliveries of the exemplary successful precocious 2026.

The completed car is expected to beryllium launched astatine a planetary premiere adjacent year.

Milan-listed shares of Ferrari were past seen down 13% connected Thursday morning. U.S.-listed shares, meanwhile, were down 11.3% successful premarket.

"With the caller Ferrari elettrica, we erstwhile again affirm our volition to advancement by uniting the subject of technology, the creativity of plan and the trade of manufacturing," John Elkann, enforcement president of Ferrari, said successful a statement.

Several planetary carmakers person scaled backmost their EV income targets successful caller months, citing factors specified a deficiency of affordable models, a slower-than-anticipated rollout of charging points and aggravated contention from China.

Sweden's Volvo Cars, for instance, abandoned its heavy promoted program to merchantability lone EVs by 2030, saying successful September past twelvemonth that it needed to beryllium "pragmatic and flexible" amid changing marketplace conditions.

Ferrari, which has seen its existent fig of progressive clients turn to 90,000, an summation of 20% compared to 2022, besides said it planned to motorboat an mean of 4 caller cars per twelvemonth betwixt 2026 and 2030.

Analysts astatine JPMorgan were bullish pursuing the announcements laid retired successful Ferrari's 2030 Strategic Plan.

"We person a large woody of assurance successful management's quality to execute connected its semipermanent program fixed ample grounds that request presently acold outstrips supply," analysts astatine JPMorgan said Thursday successful a probe note.

"We besides estimation the institution benefits from CEO Benedetto Vigna's enactment style, which has challenged the institution to capitalise connected collaboration to summation the velocity astatine which it embraces innovation. An imminent Supercar motorboat whitethorn besides person the imaginable to turbocharge profits," they added.

— CNBC's Michael Bloom contributed to this report.