Ferrari unveils first electric car, cuts 2030 EV sales target

shares of ferrari Thursday is set to be its worst trading day on record after the luxury carmaker updated its full-year and 2030 outlook and scaled back its electrification ambitions.

Analysts were disappointed as the new guidance fell short of expectations.

The Maranello, Italy-based sports car maker said at a Capital Market Day (CMD) event that it expects net revenue to be at least 7.1 billion euros ($10.7 billion) this year, higher than previous expectations of more than 7 billion euros.

Net revenues in 2030 are expected to be around 9 billion euros, and the company aims to have earnings before interest, taxes, depreciation and amortization (EBITDA) of at least 3.6 billion euros by 2030.

Ferrari’s Milan-listed shares fell 16.1% and, after paring some of the losses, closed 15.4% lower at 354 euros. It was Ferrari’s worst trading day since it went public on the Milan stock exchange in early 2016.

The U.S.-listed stock on the New York Stock Exchange opened Thursday at $419.18, down about 13%. Like the Milan-listed stock, the stock suffered its worst day since going public in October 2015, falling about 15% in intraday trading early Thursday afternoon.

The U.S.-listed stock, with a market capitalization of nearly $80 billion, is now down about 4% since the beginning of the year after Thursday’s decline.

Citi analysts said in a research note that Ferrari’s guidance is “below our ‘low growth case’ expectations from the CMD preview and we believe it reflects management’s conservatism.”

It added: “While conservative, we believe there is some risk to both consensus EPS and multiples in the near term, with guidance suggesting limited operating leverage through the next cycle.”

In a separate update, Ferrari said it aims for its 2030 sports car model lineup to be 40% internal combustion engine (ICE), 40% hybrid and 20% fully electric.

Ferrari said the revised target, which has been revised downward from its previous target of 40% of EV sales by the end of 2010, is the result of a customer-centric approach, the current environment and expected evolution.

The turning point came as the Italian carmaker lifted the hood of the technology set to power its first electric car. Ferrari unveiled the Elettrica’s production-ready chassis and powertrain at its innovation workshop, and said it would begin delivering the model in the second half of 2026.

The completed vehicle is scheduled to be unveiled at next year’s global premiere.

“With the new Ferrari Eletrica, we reaffirm our will to advance by integrating the fields of technology, creativity in design and manufacturing techniques,” Ferrari executive chairman John Elkann said in a statement.

Several global automakers have lowered their EV sales targets in recent months, citing factors such as a lack of affordable models, slower-than-expected rollouts of charging points and intense competition from China.

Sweden’s Volvo Cars, for example, last September abandoned its much-anticipated plan to sell only EVs by 2030, saying it needed to be “realistic and flexible” amid changing market conditions.

Ferrari also said that its current number of active customers has increased by 20% to 90,000 cars by 2022, and that it plans to launch an average of four new cars a year between 2026 and 2030.

JPMorgan analysts have expressed bullishness following Ferrari’s announcement of its 2030 strategic plan.

“Given ample evidence that demand currently far exceeds supply, we have great confidence in management’s ability to execute on its long-term plans,” JPMorgan analysts said in a research note Thursday.

“We estimate that the company has also benefited from the leadership style of CEO Benedetto Vigna, who has pushed the company to leverage collaboration to increase the speed of innovation adoption. The impending supercar launch could also significantly boost profits,” they added.

—CNBC’s Michael Bloom and Michael Wayland contributed to this report.