Ferrari unveils its first electric car and lowers its 2030 EV sales target

shares Ferrari Its shares fell more than 16% on Thursday after the luxury automaker updated its full-year and 2030 guidance and scaled back its electric vehicle ambitions.

Analysts were disappointed with the new guidance, saying it fell short of expectations.

Maranello, an Italian sports car manufacturer He said At a Capital Markets Day (CMD) event, it forecast net revenues to reach at least 7.1 billion euros ($10.7 billion) this year, up from a previous forecast of more than 7 billion euros.

Net revenues are expected to reach approximately €9 billion in 2030, and the company is targeting earnings before interest, taxes, depreciation and amortization (EBITDA) of at least €3.6 billion by 2030.

Ferrari’s Milan-listed share price fell 16.1% on the news. Meanwhile, the company’s US-listed share price fell more than 14.8% in pre-market trading.

Ferrari’s guidance is “lower than the ‘low growth case’ estimate from our CMD preview and reflects conservatism from management, we believe,” analysts at Citi said in a research note.

“Given the guidance, albeit conservative, implies limited operating leverage over the next cycle, we believe there is some risk to both consensus EPS and multiples in the near term,” they added.

In separate to updateFerrari said it is targeting a 2030 sports car model range consisting of 40% internal combustion engine cars, 40% hybrids and 20% fully electric cars.

Ferrari said the revised target, which is down from the previous target of 40% electric vehicle sales by the end of the decade, is the result of a customer-focused approach, the current environment and its expected evolution.

This axis comes at a time when the Italian automaker has lifted the lid on the technology designed to power its first electric car. Ferrari revealed the production-ready chassis and powertrain for the Elettrica during a technology and innovation workshop, saying it would begin deliveries of the model in late 2026.

The completed car is expected to be launched at its world premiere next year.

“With the new Ferrari Elettrica, we once again confirm our will to progress by uniting technology, design creativity and manufacturing craftsmanship,” Ferrari CEO John Elkann said in a statement.

Many global automakers have They reduced their sales targets for electric cars in recent months, citing factors such as a lack of affordable models, a slower-than-expected rollout of charging points, and intense competition from China.

The Swedish car company Volvo, for example, Abandoned Its plan to sell only electric cars by 2030 has been heavily promoted, and it said in September last year that it needed to be “practical and flexible” amid changing market conditions.

Ferrari, which has seen its current number of active customers grow to 90,000, an increase of 20% compared to 2022, said it plans to launch an average of four new cars per year between 2026 and 2030.

Analysts at JP Morgan were optimistic following the announcements set 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 in light of ample evidence that demand currently far exceeds supply,” JP Morgan analysts said Thursday in a research note.

They added: “We also appreciate that the company benefits from the leadership style of CEO Benedetto Vigna, who has challenged the company to leverage collaboration to increase the speed at which it embraces innovation. The imminent launch of a Supercar may also have the potential to increase profits.”

— CNBC’s Michael Bloom contributed to this report.