US-traded shares in Ferrari slipped more than 15 percent after the company tempered expectations

                                        https://www.carscoops.com/author/bradcarscoops-com/                                    

Moments after Ferrari revealed the first details of its long-awaited EV, currently known as the Elettrica, the company’s shares took a sharp dive on the Italian stock market, marking its worst trading day on record.

However, the sell-off wasn’t triggered by the car’s reveal or by news of fewer electrified models in Ferrari’s future lineup, but by weaker-than-expected financial results and a cautious outlook that rattled investors.

Markets React Sharply

The Italian brand’s shares plunged 16.1 percent after its annual Capital Markets Day and ended the day down 15.4 percent on the Milan stock exchange. They also fell by a considerable 15 percent on the New York Stock Exchange, higher than its previous largest single-day decline of 12.4 percent from February 2016.

Read: Ferrari Found A Way To Make Fake EV Noise Sound Honest

The company said it expects a net revenue of at least €7.1 billion ($8.2 billion) this year, slightly higher than a previous forecast of more than €7 billion.

It also confirmed that its net revenue is expected to increase to roughly €9 billion ($10.4 billion) in 2030 and predicts an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of at least €3.6 billion ($4.1 billion) by 2030.

As reported by CNBC, analysts from Citi commented that Ferrari’s updated guidance “falls below our ‘lower growth case’ estimates from our CMD preview and reflects conservatism from management, we think.”

Ferrari Elettrica

Lower EV Ambitions

Perhaps the most noteworthy announcement made by Ferrari is related to its electrification plans. In 2022, Ferrari announced that 40 percent of the vehicles it sold would have battery-electric powertrains by 2030. However, like many other car manufacturers, it has been forced to wind back these ambitions due to a slowdown in EV uptake in key global markets.

Now, Ferrari believes that pure-ICE models will account for approximately 40 percent of its sales, hybrid-powered ones for another 40 percent, and EVs for the remaining 20 percent in 2030. This means that Ferrari now expects to sell half as many EVs in 2030 as it had initially anticipated.

The company attributed the change to its “client centricity approach, the current environment and its expected evolution.”

The reception to the Elettrica may force Ferrari to adjust EV sales targets in the near future. The upcoming model’s underpinnings were shown during the event, alongside confirmation that it will deliver over 986 hp and have more than 329 miles (530 km) of driving range. Ferrari says it’ll hit 62 mph (100 km/h) in 2.5 seconds and reach a 193 mph (310 km/h) top speed.

Found beneath the skin of the new model will be a sizeable 122 kWh battery pack with an energy density of 195 Wh/kg at pack level and 305Wh/kg at cell level. It will also feature an 800-volt electrical architecture that supports 350 kW DC fast charging.