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By Giulio Piovaccari and Keith Weir MARANELLO, Italy (Reuters) -Ferrari's shares fell more than 16% on Thursday on disappointment over the luxury carmaker's new long-term financial targets, taking the shine off the unveiling of the technology behind its first electric car. The share price drop wiped 13.5 billion euros ($15.67 billion) from Ferrari's market capitalisation. The automaker set a revenue target of 9 billion euros for 2030, an increase on its 7.1 billion euro forecast for this year, but a less ambitious figure than the market had been hoping for. "I think people were expecting a higher top line – but I think it is important that we execute what we say, we cannot commit on something we cannot achieve," CEO Benedetto Vigna said, referring to financial targets, during a presentation of the company's new long term business plan to 2030. Company executives gathered at Ferrari's headquarters in Maranello in northern Italy also to unveil details of Ferrari's new EV called the Elettrica. Ferrari showed off its production-ready chassis – a car base, with battery pack and electric motors – but has not yet determined its price. TARGETS DISAPPOINT, ELECTRIC AMBITIONS SCALED BACK Ferrari's new financial targets failed to meet expectations, hitting its Milan-listed shares, which were down 13.5% by 1300 GMT. Earlier the shares had dropped nearly 17%, their lowest since February 2024. "Ferrari's new 2030 guidance falls below Citi and consensus expectations," analysts at Citi said in a note. Ferrari has also shifted to a less ambitious approach to electrification. It now aims for a 2030 lineup made up of 40% internal combustion engine (ICE) models, 40% hybrids and 20% fully-electric. This marks a change from its 2022 plan, which had targeted 40% EVs, 40% hybrids and 20% ICE models in 2030. Vigna said that, based on these targets, it was reasonable to expect a second Ferrari EV within the plan to 2030. Sources told Reuters earlier this year that Ferrari does not plan to launch a second EV before 2028, citing weak demand for high-performance electric luxury cars. The unveiling of the inner workings of Ferrari's maiden electric car marks a milestone for the company in an auto industry that has been grappling with the transition from the internal combustion engine to the electric battery for a number of years. Ferrari said it would launch an average of four new models per year between 2026 and 2030, maintaining the steady rhythm that has helped it stimulate the interest of its wealthy clients and grow its customer base. The 1,000 horsepower, four-plus seat, four-door Elettrica complements Ferrari's traditional petrol and newer hybrid models. NEW LIFESTYLE STORES SET TO OPEN All strategic EV components, including high-voltage battery packs, e-axles and inverters, are developed and produced in-house at Ferrari's new "e-building" facility in Maranello. Ferrari's active client base has grown by around 20% since 2022, reaching 90,000. To deepen engagement, it plans to open new "Tailor Made" centres in Tokyo and Los Angeles in 2027 to help customers to add personal touches to their vehicles. It reaffirmed its lifestyle strategy expansion, with flagship stores planned in London and New York in 2026, and a broader range of luxury goods and experiences for both owners and fans of the brand. ($1 = 0.8613 euros) (Reporting by Giulio Piovaccari in Maranello, Italy, and Keith Weir in LondonEditing by Jane Merriman and Joe Bavier)

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By Niket Nishant and Sukriti Gupta (Reuters) -Wall Street's main indexes were poised for a muted open on Thursday after Federal Reserve Chair Jerome Powell offered no fresh policy signals, leaving investors to rely on older data to shape sentiment. While markets have priced in aggressive interest rate cuts on hopes that the Fed will prioritize labor market support, minutes from the central bank's September meeting released on Wednesday showed lingering inflation concerns. Investors will also tune in to remarks from other Fed speakers, including Board Governor Michael Barr and San Francisco Fed President Mary Daly. Any hawkish tilt from policymakers could weigh on equities, which have held strong even during a seasonally weak stretch, partly on expectations of lower rates. At 08:43 a.m. ET, Dow E-minis were down 18 points, or 0.04%, S&P 500 E-minis rose 2 points, or 0.03%, and Nasdaq 100 E-minis fell 2.75 points, or 0.01%. The tech-heavy Nasdaq and the benchmark S&P 500 indexes closed at all-time highs on Wednesday. "We're headed for a big correction, but that correction is not likely to happen for a few months," said Peter Cardillo, chief market economist at Spartan Capital Securities. A quiet economic calendar has also prompted traders to closely assess earnings reports from PepsiCo and Delta Air Lines, whose forecasts and executive commentary are likely to be parsed for insights on consumer confidence. These indicators are expected to be used as substitutes for official releases, which have been halted due to the government shutdown, now in its second week. While their correlation with official data varies, some of these proxies have shown worrying trends. Earlier this week, investment firm Carlyle estimated that U.S. employers added just 17,000 jobs last month, far below the 54,000 estimated by economists polled by Reuters in the nonfarm payrolls report. Separately, spot gold prices held above $4,000 an ounce, after breaching the milestone for the first time earlier this week. Bullion's gains have highlighted the strong demand for hedging even as investors chase momentum in equities. However, Israel and Hamas signing off on the first phase of a proposed Gaza peace deal could help remove a long-term overhang on risk assets. Among stocks, PepsiCo rose 0.6% in premarket trading, after the beverage giant beat Wall Street expectations for third-quarter revenue and profit, buoyed by resilient demand for its energy drinks and healthier sodas in the U.S. The company also named Walmart executive Steve Schmitt as its new finance head. Delta Air Lines shares jumped 8.2%. The airline provided an upbeat forecast for the current quarter, after posting stronger-than-expected third-quarter earnings. Other U.S. carriers also gained. United Airlines rose 5.5%, while American Airlines and JetBlue Airways advanced 4.9% and 3.4%, respectively. U.S. retailer Costco Wholesale rose 1.2%, a day after reporting sales data for September. (Reporting by Niket Nishant and Sukriti Gupta in Bengaluru; Editing by Devika Syamnath and Shilpi Majumdar)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)