Ferrari Unveils Its First Electric Vehicle Only to See Its Stock Plummet for an Unrelated Cause | Carscoops

      Ferrari's shares traded in the US fell by over 15 percent after the company adjusted its expectations downwards, approximately 7 hours ago.

      Following its Capital Markets Day event, Ferrari's stock experienced a significant drop of 15.4 percent on the Milan stock exchange and decreased by 15 percent on the New York Stock Exchange, surpassing its previous single-day drop of 12.4 percent from February 2016. The decline was attributed not to the unveiling of the new electric vehicle (EV), the Elettrica, but rather to disappointing financial guidance.

      This news disappointed analysts and investors alike, highlighting a cautious outlook that contributed to their concerns.

      Despite disclosing details about its much-anticipated EV, Ferrari faced a major sell-off that marked its worst trading day ever, stemming from weaker-than-expected financial results and a conservative outlook.

      In terms of financial expectations, the company anticipates net revenues of at least €7.1 billion ($8.2 billion) this year, a slight increase from a previous forecast of over €7 billion. It expects net revenues to rise to around €9 billion ($10.4 billion) by 2030, with an anticipated EBITDA of at least €3.6 billion ($4.1 billion) by then.

      Analysts from Citi remarked that Ferrari’s revised guidance was “below our ‘lower growth case’ estimates from our CMD preview and reflects conservatism from management.”

      Ferrari's electrification plans also saw a noteworthy adjustment. In 2022, the company announced that 40 percent of its sales would consist of battery-electric vehicles by 2030. However, similar to other manufacturers, it has had to lower these expectations due to a slowdown in EV adoption in key markets. Now, Ferrari forecasts that by 2030, pure internal combustion engine (ICE) models will make up about 40 percent of sales, hybrids another 40 percent, and electric vehicles will account for only 20 percent. This marks a significant reduction in their expected EV sales.

      The change is attributed to the company's "client centricity approach" and considerations regarding the current market environment and its expected changes.

      The reception of the Elettrica could lead Ferrari to further revise its EV sales targets. Details revealed during the event highlighted that the model will boast over 986 horsepower and have a driving range exceeding 329 miles (530 km). Additionally, it is projected to accelerate to 62 mph (100 km/h) in 2.5 seconds and achieve a top speed of 193 mph (310 km/h).

      Underneath the Elettrica will be a significant 122 kWh battery pack, featuring an energy density of 195 Wh/kg at the pack level and 305 Wh/kg at the cell level. It will also incorporate an 800-volt electrical architecture capable of supporting 350 kW DC fast charging.