MARANELLO, Italy (Reuters) – Ferrari shares fell 16 percent on Thursday after the luxury car maker announced disappointing long-term financial targets, which overshadowed the unveiling of its first electric car, the Elettrica.

The fall in the stock erased more than 12 billion euros from Ferrari’s market capitalization.

Company executives gathered at Ferrari headquarters in Maranello, northern Italy, to present the new electric vehicle, dubbed Elettrica, as well as the automaker’s business plans for the rest of the decade.

The car will go on sale next year, but the manufacturer has specified that gasoline and hybrid models will remain at the heart of its range until 2030.

However, it is the financial targets for the period up to 2030 that have attracted attention.

ELECTRICAL AMBITIONS DOWNWARDS

“Ferrari’s new 2030 guidance is below Citi and consensus expectations,” Citi analysts said in a note.

The carmaker has set a turnover target of 9 billion euros for 2030, up from its forecast of 7.1 billion euros for this year, but a figure considered less ambitious than the market had hoped.

“We want to make sure that we continue to deliver on our promises,” CEO Benedetto Vigna told analysts, referring to the targets.

At the event in Maranello, Ferrari revealed the production-ready chassis of the Elettrica, a base car incorporating a battery pack and electric motors, but has not yet determined its price.

Ferrari has also taken a less ambitious approach to electrification.

Ferrari is now targeting a 2030 range made up of 40% internal combustion engine (ICE) models and 40% hybrid models. This is a change from its 2022 plan, which called for 40% EVs, 40% hybrids and 20% internal combustion engine models in 2030.

Revealing the inner workings of Ferrari’s first electric car marks a significant milestone for the company, in an auto industry that has been seeking to transition from internal combustion engines to electric batteries for several years.

Unveiling its new long-term strategic plan at its headquarters in Maranello, northern Italy, Ferrari said it would launch an average of four new models a year between 2026 and 2030, maintaining the steady pace that has allowed it to stimulate interest among its wealthy customers and expand its customer base.

The Elettrica, with 1,000 horsepower, seating for four passengers and equipped with four or more doors, complements Ferrari’s traditional gasoline and newer hybrid models.

NEW “LIFESTYLE” STORES

All strategic EV components, including high-voltage batteries, electric axles and inverters, are developed and produced in-house at Ferrari’s new “e-building” factory in Maranello, the company said.

Sources told Reuters earlier this year that Ferrari does not plan to launch a second electric vehicle until 2028, citing weak demand for high-performance electric luxury cars.

Ferrari’s active customer base has grown by around 20% since 2022, reaching 90,000, sources said. To strengthen the commitment, the manufacturer plans to open new “Tailor Made” centers in Tokyo and Los Angeles in 2027, allowing customers to add personalized touches to their vehicles.

Ferrari has reaffirmed the expansion of its lifestyle strategy, planning the opening of flagship stores in London and New York in 2026, as well as an expanded offering of luxury products and experiences for its owners and fans.

(Reporting Giulio Piovaccari in Maranello, Elena Smirnova, editing by Kate Entringer)

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