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Ferrari’s shares fell nearly 15% on the New York Stock Exchange and 14% in Milan as trading closed on Thursday. But does the Italian company's largest single-day decline relate to its F1 outfit?
Ferrari faced the largest single-day decline since trading on its stock opened in October 2015. The stock also dropped around the same percentage in Milan, from around €60 to €357.60. Many fans have questioned whether this sudden drop was related to the Scuderia's on-track performance.
There is no real cause to believe that Scuderia Ferrari's 15% stock price drop has anything to do with the outfit's F1 performance. In reality, the drop came in response to the Italian company's guidance update, which it published on Thursday, alongside its 2030 strategic plan.
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The company expected the revenue to be up to $8.2 billion this year. It was therefore its long-term guidance that disappointed analysts and investors.
Ferrari revealed that it expected the revenue in 2030 to be just over $10 billion, while analysts were expecting this estimate to be around the $11 billion mark, according to Factset Research.
The company has also reviewed its EV programme, as it aims to have 20% of its lineup fully electric by 2030, the remaining 40% hybrid and 40% traditional combustion engines. It was a huge decrease from earlier plans of a 40% EV lineup by 2030.
Ferrari also revealed technology behind its first-ever EV on Thursday
Ferrari also revealed the technology that will power its first-ever electric car, the Elettrica, on Thursday. During Capital Markets Day, the company revealed the production-ready chassis, battery pack, and electric motor of its maiden EV.
The Electtrica is expected to launch next year. Company CEO Benedetto Vigna also shared that the move to the EV "is an addition, not a transition."
"Today is an historic day for us. We all have goosebumps. "The EV is an addition, not a transition," said Vigna, via Reuters.
The Electtrica will go from 0-100 km/h in 2.5 seconds, and will have a top speed of 310 km/h [193 m/h], as is claimed by the company. It will also have a range of over 530 km [330 miles].
Clearly, the update was not enough to help stabilize its stock prices, which took a huge dip regardless. This drop, however, was not related to its F1 outfit, which is hoping to compete for the world championship in 2026.
