Ferrari unveils its first electric vehicle and lowers its electric vehicle sales target for 2030

Luxury car manufacturer Ferrari On Thursday, it scaled back its electrification ambitions, while offering a first glimpse of the technology that will power “elettrica”, its first fully electric vehicle.

The Maranello, Italy-based sports car maker said at its Capital Markets Day event that it will target a 2030 sports car model lineup consisting of 40% internal combustion engine (ICE) cars, 40% hybrid vehicles and 20% fully electric vehicles.

Ferrari said the revised target, which is down from the previous target of 40% electric vehicle sales by the end of the decade, is the result of a customer-centric approach, the current environment and its expected evolution.

The pivot comes as the Italian automaker has lifted the hood on the technology intended to power its first electric vehicle. Ferrari revealed the elettrica’s production-ready chassis and powertrain at a technology and innovation workshop, saying it would begin deliveries of the model in late 2026.

The completed car is expected to be launched in a world premiere next year.

Milan-listed Ferrari shares last fell 13% on Thursday morning. U.S.-listed stocks, meanwhile, were down 11.3% premarket.

“With the new Ferrari elettrica, we once again affirm our commitment to progress by uniting technological discipline, design creativity and manufacturing craftsmanship,” John Elkann, executive chairman of Ferrari, said in a statement.

Several global automakers have lowered their electric vehicle sales targets in recent months, citing factors including a lack of affordable models, a slower-than-expected rollout of charging points and intense competition from China.

Sweden’s Volvo Cars, for example, abandoned its heavily promoted plan to sell only electric vehicles by 2030, saying in September last year that it needed to be “pragmatic and flexible” in a changing market environment.

Ferrari, which has seen its current number of active customers reach 90,000, an increase of 20% compared to 2022, also announced plans to launch an average of four new cars per year between 2026 and 2030.

JPMorgan analysts were optimistic following the announcements presented in Ferrari’s 2030 strategic plan.

“We have high confidence in management’s ability to execute on its long-term plan given the clear evidence that demand currently far exceeds supply,” JPMorgan analysts said in a research note Thursday.

“We also believe the company benefits from the leadership style of CEO Benedetto Vigna, who has challenged the company to capitalize on collaboration to accelerate the speed at which it adopts innovation. An imminent Supercar launch could also have the potential to increase profits,” they added.

— CNBC’s Michael Bloom contributed to this report.