Why Ferrari Stock Crashed Today

Core Insights - Ferrari's stock is experiencing its worst trading day since its listing on the Milan stock exchange nearly 10 years ago, with shares down 14.4% as of 12:15 p.m. ET [1] - The company updated its revenue guidance for this year to approximately 7.1 billion euros, slightly above previous estimates, but long-term sales projections for 2030 disappointed analysts [3][5] - Ferrari plans to launch an average of four new models annually through 2030 and has reduced its electrification targets, now expecting only 20% of its lineup to be electric by 2030, down from a previous estimate of 40% [4][8] Financial Guidance - The updated revenue guidance for 2023 is set at about 7.1 billion euros, which is an increase from prior guidance [3] - For 2030, Ferrari projects sales of 9 billion euros, falling short of analysts' expectations of 9.8 billion euros [3] Electrification Strategy - Ferrari unveiled its first electric vehicle, the Ferrari elettrica, with deliveries expected to start late next year [4] - The company now anticipates a model mix of 20% electric, 40% internal combustion engine, and 40% hybrid by 2030, a significant reduction from earlier plans [4][8]