Shares of Ferrari
plunged more than 16% on Thursday after the luxury carmaker updated its full-year and 2030 guidance and scaled back its electrification ambitions.
Analysts were disappointed by the new guidance, saying it fell short of expectations.
The Maranello, Italy-based sports car manufacturer said at its Capital Markets Day (CMD) event that it expected net revenue of at least 7.1 billion euros ($10.7 billion) this year, up from a previous forecast of more than 7 billion euros.
Net revenue is expected to be around 9 billion euros in 2030, and the company is targeting earnings before interest, tax, depreciation and amortization (EBITDA) of at least 3.6 billion euros by 2030.
