(Bloomberg) —
Ferrari NV offered a glimpse of its first electric car, teasing key performance benchmarks of the Elettrica as it starts to unwrap the model ahead of deliveries in late 2026.
The Elettrica will have four motors, one on each wheel, delivering the equivalent of more than 1,000 horsepower, Ferrari said in October at a capital-markets day event in Maranello, Italy. The vehicle will sit low to the ground and reach 100 kilometers per hour (62 mph) in 2.5 seconds, with a top speed of 310 kph.
The unveiling comes as Ferrari tempers its EV ambitions, following the lead of other luxury carmakers that have pulled back from the costly segment after failing to attract customers. Ferrari said Thursday that all-electric models will make up about 20% of its lineup by 2030, halving a goal set in 2022.
The change clears the way to sell more of the higher-margin combustion models that define the brand: the target for combustion powertrains has now doubled to 40%, while hybrids remain 40% of the mix.
Ferrari also raised its 2025 targets for revenue and adjusted earnings before interest, taxes, depreciation and amortization, and targeted an Ebitda increase of about one third from there by 2030.
Net revenue this year is forecast to equal or exceed €7.1 billion ($8.24 billion), up from a prior goal of €7 billion or more. Adjusted Ebitda is seen at €2.72 billion or above, versus €2.68 billion or higher previously.
Looking ahead to 2030, the company sees revenue reaching €9 billion with adjusted Ebitda of €3.6 billion or more, Ferrrari said.
The shares sank 5.9%, as investors reacted to the conservative tone of the outlook. The stock — which commands multiples on par with Hermes International SCA — is slightly negative this year as the company feels the impact of the luxury downturn, tariff uncertainty and slowing sales in China.
Since its initial public offering 10 years ago, Ferrari has poured €6.5 billion into capital spending, doubled its workforce to about 6,000 and launched 41 new sports cars as it prepares to enter the electric era, Executive Chairman John Elkann said at the gathering.
“The new electric Ferrari once again shows how we merge technological rigor, design creativity and artisanal excellence as we move forward,” he said.
The Elettrica’s range will be above 530 kilometers, Ferrari said, comparable to a standard Tesla Inc. Model Y. Other features will be revealed in stages: the new model’s interior will be shown early next year, with the full car unveiled in spring. Pricing hasn’t been disclosed.
The company has taken a cautious approach to electrification, focusing first on building up hybrids, which now surpass 50% of sales volume. Other luxury carmakers, including Porsche AG and Mercedes-Benz Group AG, have struggled with the electric transition, as wealthy buyers balk at switching over to plug-ins.
Ferrari’s prior EV plan was announced in June 2022, when environmental concerns were higher on the agenda of carmakers and the shift to electric cars appeared imminent. Since then, the political climate has changed, with security and trade at the forefront.
New Directions
Still, the Elettrica marks a milestone for Ferrari, and executives said they were committed to bringing the company’s “unparalleled sportiness into the electric era without compromises, and ensuring clients have a differentiated offering to choose from.”
To retain the look and feel of its combustion forebears, Ferrari has infused the model with technology derived from its Formula 1 racing experience, hybrid models like the SF90 Stradale, and the four-door Purosangue.
The Elettrica will adopt Ferrari’s active suspension system, which continuously adjusts each wheel to manage cornering and ride comfort. The company also integrated the 122-kilowatt-hour battery pack into the chassis, allowing it to lower the center of gravity. The net effect will be sharper handling and improved stability, the company said.
Sound is another area that’s received careful attention. The company developed a system that amplifies vibrations from the electric motor and other powertrain components, and replicates the sensation of shifting without the mechanical linkage, restoring some of the drama of acceleration.
ICE Optimism
Analysts have turned increasingly positive on Ferrari in recent weeks, with some anticipating a lowering of the EV targets. Analysts at RBC Capital Markets said Thursday that demand for the limited-edition F80, along with the Elettrica, potentially selling in higher volumes, should lift profit in coming years.
Ferrari is also trying to regain momentum in China, where its sales have stagnated along with a broader luxury slowdown. Chief Executive Officer Benedetto Vigna has suggested EVs may pave the way for expanded sales to the market because they carry a lower tax burden.
Mercedes and BMW AG have also lost ground in China amid fierce competition led by BYD Co. and Xiaomi Corp. BMW shares slid this week after it forecast weak sales in China and higher tariff costs.
Ferrari’s first EV will need to win over new customers, and “China is likely to be central to that strategy,” Susy Tibaldi, a luxury analyst at UBS, said earlier. An electric model could be a better fit for the market, though not without hurdles, she added.
(Updates with financial targets from fourth paragraph, updates shares, adds analyst comment)
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