Ferrari had its worst ever day on the stock market today — plunging 16 percent — after unveiling details of its first-ever electric vehicle.
The Italian supercar maker’s value slid by roughly $14billion to $77billion as Wall Street balked at Ferrari’s new five-year plan and the rollout of the Ferrari Elettrica.
Ferrari has yet to release an official photo of the Elettrica, fueling skepticism about how the $300,000-plus electric model will fit into the brand’s legacy of roaring engines, sleek lines, and high-octane prestige.
But insiders say it looks more like the company’s Purosangue SUV than its signature sports cars.
CEO Benedetto Vigna promised the Elettrica would preserve the Ferrari ’emotion’.
He revealed plans for technology that captures vibrations from the powertrain and amplifies them through the cabin to simulate the feel — and even the sound — of a gas-powered Ferrari.
But that promise wasn’t enough to calm car enthusiasts. Critics online have compared Ferrari’s shift to Jaguar’s controversial EV rebrand, accusing the company of abandoning its roots.
‘Ferrari has now gone woke,’ one user posted on X, formerly Twitter.
The electric four-door will reach showrooms beginning late next year, with the design to be revealed in the spring.
Ferrari, the builder of classic Italian sportscars like the F40, said it expects lower sales leading into 2030 than investors expected
Industry insiders believe the new EV will look similar to Ferrari’s new SUV – the Purosangue.
Ferrari’s shares plunged 16 percent in a day after it released details of its first electric vehicle — a dramatic shift for a brand long defined by the roar of its gas-powered supercars. The fall capped a bad five days for the Italian company that saw shares fall by 18.5 percent in total
Built on a new powertrain and chassis, the car will be made from 75 percent recycled aluminum and produced largely in-house — including its batteries and software — part of Ferrari’s push to reduce emissions and control costs.
Under the carmaker’s new five-year plan, 40 percent of the product lineup will be the brand’s core internal combustion engines, 40 percent will be hybrid, and 20 percent will be electric by 2030.
Ferrari is planning an average of four new launches a year in the period. The new business plan calls for more models with lower volumes of each.
That signals a sharp reduction in the number of fully electric vehicles the company said it would build just a few years ago.
In 2022, Ferrari said 40 percent of its lineup would be electric.
Other luxury automakers have scaled back plans for electric vehicle production to match demand.
Ferrari said that revenues this year would top $8.2billion, up from more than $8.1billion euros in the previous guideline.
Longer term, it now expects to generate $10.4 billion in annual revenue by 2030 — up from $8.2 billion today, but well below previous projections.
Social media commenters compared Ferrari’s EV future to Jaguar’s – in late 2024, the high-end UK carmaker unveiled a pink and blue brand scheme with multiple actors that seemed genderqueer
CEO Benedetto Vigna reported lower financial expectations than Wall Street had hoped
Lewis Hamilton, Ferrari’s F1 racer, has had a dissapointing racing season
Ferrari said it expects about 40 percent of its sales to be gas, 40 percent to be hybrid, and 20 percent to be fully electric
The company also teased the launch of its first fully electric vehicle. Ferrari fans criticized the EV plan on X, calling the move ‘woke’
Citi analyst Harald Hendrikse called the update “disappointing” and “overly cautious,” while others said the rollout of Ferrari’s first EV lacked the flair that made its gas-powered icons the envy of the automotive world.
The Elettrica builds on 15 years of electrification research at Ferrari, starting with Formula 1 technology that was first incorporated into the limited-edition La Ferrari hybrid supercar, which debuted in 2013.
Vigna said it represents a new type of car that will bring fresh buyers to Ferrari.
The automaker didn’t immediately respond to the Daily Mail’s request for comment.
