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Ferrari suffered a collapse in their share price on Thursday, while enduring historic losses in the process.
Ferrari experienced a significant drop in their share price on Thursday, along with historical losses.
The luxury carmaker witnessed a more than 16 percent decline in shares due to negative reactions regarding their new long-term financial goals.
As a result of this trend, Ferrari’s market capitalization decreased by $15.67 billion (£11.8 billion).
This decline marked the largest single-day drop on the New York Stock Exchange since the company went public in 2015, and the biggest single-day loss on the Italian exchange since listing in January 2016.
CEO Benedetto Vigna emphasized the importance of execution over setting overly ambitious targets, acknowledging market expectations for higher revenue figures.
Additionally, on that same day, Ferrari unveiled plans for their first electric car, the Elettrica, showcasing its production-ready chassis and electric components.
Furthermore, following a disappointing showing at the Singapore Grand Prix, Ferrari faced additional challenges, with their F1 team struggling and being unable to secure podium finishes, ultimately conceding the constructors’ championship to McLaren.
