Ferrari share tumble spoils electric vehicle tech launch

By Giulio Piovaccari and Keith Weir MARANELLO, Italy (Reuters) -Shares in luxury carmaker Ferrari tumbled as much as 16% on Thursday on disappointment over new long-term financial targets, taking the shine off the company's unveiling of the technology behind its first electric car. The share price drop erased more than 12 billion euros ($13.9 billion) from Ferrari's market capitalisation. Company executives gathered at Ferrari's headquarters in Maranello in northern Italy with the focus on providing details of the new EV, called the Elettrica, as well as its business plans for the rest of the decade. The Elettrica is due to go on sale next year, though the company stressed that petrol and hybrid vehicles will remain at the heart of its lineup until 2030. But Ferrari's leadership faced questions over financial targets for the period until 2030. DISAPPOINTING TARGETS, SCALING BACK ELECTRIC AMBITIONS "Ferrari's new 2030 guidance falls below Citi and consensus expectations," analysts at Citi said in a note. 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. "We want to make sure that we keep delivering on our promises," CEO Benedetto Vigna told analysts, referring to the targets. In the event in Maranello, Ferrari revealed the Elettrica's production-ready chassis – a car base, with battery pack and electric motors – but has not yet determined its price. Ferrari 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. 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. 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. 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 = 0.8610 euros) (Reporting by Giulio Piovaccari in Maranello, ItalyEditing by Jane Merriman and Joe Bavier)

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