Ferrari unveils first electric vehicle and cuts 2030 EV sales target
A worker works on the production line at the new Ferrari NV E-building factory in Maranello, Italy, on Friday, June 21, 2024.
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shares Ferrari It fell more than 14% on Thursday after the luxury automaker updated its full-year and 2030 targets and scaled back electrification targets.
Analysts were disappointed, saying the new guidance fell short of expectations.
Maranello, Italy-based sports car manufacturer in question At its Capital Markets Day (CMD) event, it announced that it expects net income of at least 7.1 billion euros ($10.7 billion) this year; This figure was previously estimated at over 7 billion euros.
Net income is expected to be around 9 billion euros in 2030, and the company is targeting earnings before interest, taxes, depreciation and amortization (EBITDA) of at least 3.6 billion euros by 2030.
Following the news, Ferrari’s Milan-listed stock price fell by as much as 14.7%. Meanwhile, the firm’s US-listed share price fell more than 13.3% in pre-market trading.
We think Ferrari’s guidance “falls below our ‘low growth case’ forecasts in our CMD preview and reflects management’s conservatism,” analysts at Citi said in a research note.
They added: “While conservative, the guidance given implies limited operating leverage in the coming cycle; we think there is some risk to both consensus earnings per share and multiples in the near term.”
A picture shows the entrance to the historic Ferrari factory in Maranello on February 18, 2025.
Federico Scoppa | Afp | Getty Images
Separately updateFerrari said it will target a 2030 sports car model lineup consisting of 40 percent internal combustion engine (ICE) cars, 40 percent hybrid and 20 percent fully electric vehicles.
Ferrari said the revised target, which is lower than the previous target of 40 percent of EV sales by the end of the decade, was the result of a customer-focused approach, the current environment and its expected evolution.
The turnaround comes as the Italian automaker lifts the hood on the tech suite that will power its first electric vehicle. Ferrari introduced the production-ready chassis and powertrain of the “elettrica” during a technology and innovation workshop and said that deliveries of the model will begin in late 2026.
The completed car is expected to be unveiled at a global premiere next year.
Ferrari’s chairman of the board, John Elkann, said in a statement: “With the new Ferrari elettrica, we reaffirm our desire to move forward by combining technological discipline, creativity of design and manufacturing craft.” he said.
electric passions
Many global automobile manufacturers They have scaled back their EV sales targets 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.
For example, Sweden’s Volvo Cars abandoned its intensive promotional plan to sell only electric vehicles by 2030 and said in September last year that it had to be “pragmatic and flexible” in changing market conditions.
Increasing the number of current active customers to 90,000, a 20% increase compared to 2022, Ferrari also stated that it plans to launch an average of four new cars per year between 2026 and 2030.
Analysts at JPMorgan were bullish following the announcements laid out in Ferrari’s 2030 Strategic Plan.
“Given ample evidence that demand currently far outstrips supply, we have great confidence in management’s ability to implement its long-term plan,” analysts at JPMorgan said in a research note on Thursday.
“We also speculate that the company benefits from CEO Benedetto Vigna’s leadership style, which forces the company to leverage collaboration to accelerate the pace of innovation adoption. An upcoming Supercar launch could also have the potential to boost profits,” they added.
— CNBC’s Michael Bloom contributed to this report.
