Milan: Italian luxury carmaker Ferrari's shares plunged more than 16% Thursday after the firm's updated guidance for this year fell short of market expectations. Ferrari announced it expects net revenue of at least £7.1 billion ($8.24 billion) this year, a slight increase from its previous forecast of more than £7 billion ($8.12 billion).

According to Anadolu Agency, the company is also aiming for earnings before interest, tax, depreciation, and amortization (EBITDA) of at least £3.6 billion by 2030, with net revenue approaching £9 billion. Despite the upward revision, the announcement led to a 16% decline in the price of Ferrari's Milan-listed shares, while the automaker's US-listed shares fell over 14% during premarket trading.

Ferrari also provided an update on its electric vehicle (EV) strategy, stating that by 2030, it plans for 40% of its sports car models to be internal combustion engine (ICE) cars, 40% hybrids, and 20% fully electric. This adjustment reflects a shift from its earlier target of 40% EV sales by the end of the decade, driven by a client-centric strategy and the evolving market environment.

During a technology and innovation workshop, Ferrari unveiled the technology behind its first electric vehicle, the "elettrica." The company showcased the production-ready chassis and powertrain, with sales expected to begin in late 2026. The finished automobile is set for a global premiere next year.

Ferrari's Executive Chairman John Elkann remarked, "With the new Ferrari elettrica, we once again affirm our will to progress by uniting the discipline of technology, the creativity of design and the craft of manufacturing."