Berliner Boersenzeitung - Ferrari goes electric with four-seat coupe but shares get shocked

Shares of Ferrari fell by as much as 16 percent Thursday on the Milan stock market, as the luxury carmaker spelled out profit and revenue expectations for 2030 that disappointed investors.

The luxury brand with the prancing horse logo presented details of its first electric sports car, to be released next year, during a presentation to investors and media at its Maranello factory, even while revealing it would scale back its electrification plans.

The four-seat coupe, "Elettrica," will offer over 1,000 horsepower and have a range of 530 kilometres (329 miles).

Ferrari -- which sold fewer than 14,000 cars last year -- "must manage scarcity" to succeed, Ferrari CEO Benedetto Vigna told investors.

With rising prices, many different models, and a waiting list ideally ranging from 20 to 24 months, "we have to be sure that there aren't too many cars on the road," he said.

Although Ferrari slightly boosted its 2025 guidance for revenue, margins and adjusted earnings per share, investors were disappointed by a longer-term outlook.

Ferrari predicted revenue to grow by five percent per year to reach 9.0 billion euros in 2030, with an adjusted operating profit of 2.75 billion euros.

RBC Capital Markets analyst Tom Narayan wrote in a note that Ferrari's forecasts were below analysts' expectations, while investors "are likely to interpret a downshift in EBIT growth (earnings before interest and taxes) from prior history".

- Caution in slowdown -

No price for the Elettrica was disclosed, but analysts say Ferrari will need to carefully position it in relation to the nearly 500,000 euros ($580,500) base price of its Purosangue SUV.

Ferrari already sells nearly half of its cars in hybrid versions, but until now has not made the shift to electric, which comes several years after Porsche, Lamborghini, Lotus, and the very fast Rimac.

Reflecting the current slowdown in the automotive industry's transition to electric, Ferrari's shift will be even more cautious than had been expected.

Electric models will account for only 20 percent of Ferrari's offering in 2030, compared with the 40 percent announced previously, with combustion engine models continuing to dominate.

- Amplified sound -

Ferrari's management unveiled the car's architecture on Wednesday evening, with a very low driving position in a recycled aluminium chassis with a large motor on each of the four wheels.

As expected, the Elettrica promises to be fast, going from zero to 100 kilometres per hour in 2.5 seconds with a maximum speed of 310 km/h.

The classic Ferrari shift paddles on the steering wheel will be used on the Elettrica to opt between a smooth or sporty driving style, modulating the power of the motors and the suspension control.

In a homage to large gasoline engines, the Elettrica offers a simulated downshift, while the purr of the traditional engines will be replaced with an amplified sound from the electric motor to signal information about the feel of the road to the driver, said Gianmaria Fulgenzi, Ferrari's product director.

"It's like choosing between a sailboat and a motorboat: both are exciting but in different ways," he said.

The brand has taken on the costly development of most of the technical innovations, particularly the integrated battery pack -- one of the only components it will not manufacture itself -- "because keeping that expert knowledge in-house means we can stay competitive", he said.

The Elettrica is equipped with a huge 122 kWh battery, bringing its weight to 2.3 tonnes -- the heaviest Ferrari ever built.

(F.Schuster--BBZ)