In this articleRACE-IT your favorite stocksCREATE FREE ACCOUNTA worker on the duction line at the new Ferrari NV E-building factory in Maranello, Italy, on Friday, June 21, 2024.Bloomberg | Bloomberg | Getty Imagess of Ferrari plunged as much as 16% on Thursday after the luxury carmaker d its full-year and 2030 guidance and scaled back its electrification ambitions.Analysts were disappointed by the new guidance, saying it fell short of expectations.The Maranello, Italy-based sports car manufacturer said at its Capital Day (CMD) 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.Net revenue is expected to be around 9 billion euros in 2030, and the company is targeting earnings before interest, tax, depreciation and amortization (EBITDA) of at least 3.6 billion euros by 2030.Ferrari's Milan-listed stock price tumbled 16.1%, before paring some of its losses.
It was last seen down 13.2%, on track for its worst trading day since the automaker publicly listed on the Milan stock exchange in early 2016.
The firm's U.S.-listed price, meanwhile, was off more than 12.1% in premarket trade.Analysts at Citi said in a re note that Ferrari's guidance "falls below our 'lower growth case' estimates from our CMD preview and reflects conservatism from management, we think."They added: "Given guidance, albeit conservative, implies limited operating leverage through the coming cycle we think there is some risk to both consensus EPS and multiples near-term."A picture shows the entrance of the historic Ferrari factory in Maranello on February 18, 2025.
Federico Scoppa | Afp | Getty ImagesIn a separate , 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 apach, the current environment and its expected evolution.The pivot comes as the Italian carmaker lifted the hood on the nology set to power its maiden electric vehicle.
Ferrari unveiled the duction-ready chassis and powertrain of the "elettrica" during a nology and innovation workshop, saying it would start deries of the model in late 2026.The car is expected to be launched at a global premiere next year."With the new Ferrari elettrica, we once again affirm our will to gress by uniting the discipline of nology, the creativity of design and the craft of manufacturing," John Elkann, executive chairman of Ferrari, said in a statement.Electric ambitionsSeveral 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 moted 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.Analysts at JPMorgan were bullish ing 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 re 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 fits," they added.— CNBC's Michael Bloom contributed to this report.