Ferrari see over $15billion WIPEOUT after worst day in history

Ferrari suffered a collapse in their share price on Thursday, while enduring historic losses in the process.

The luxury carmaker saw shares fall more than 16 per cent due to negative reaction over their new long-term financial targets.

That meant that a value of $15.67bn (£11.8bn) was wiped from Ferrari's market capitalisation.

The fall was their largest single-day decline on the New York Stock Exchange since the stock opened in 2015, and it was Ferrari's largest single-day loss on the Italian exchange since shares were listed in January 2016.

The Italian car firm had set a revenue target of almost £8bn for 2030, which was an increase on the £6bn figure they had forecast for 2025. However this was a figure well short of what the market had hoped following earlier projections from 2022.

"I think people were expecting a higher top line - but I think it is important that we execute what we say, we cannot commit on something we cannot achieve," CEO Benedetto Vigna said.

Ferrari chiefs had gathered in Maranello to unveil the new plans behind its first electric car.

The new vehicle is set to be called the Elettrica, and Ferrari showed its production-ready chassis, with battery packs and electric motors too.

Double trouble for Ferrari after F1 flop

The timing of a frustrating day for Ferrari falls just after their F1 team recorded another forgettable weekend at the Singapore Grand Prix.

While their rivals Mercedes, Red Bull and McLaren all recorded podium finishes in Marina Bay, drivers Charles Leclerc and Lewis Hamilton were left nursing brake issues late on, finishing only sixth and eighth respectively.

Ferrari's hopes of winning the constructors' championship are also over this year after McLaren clinched the championship and while Leclerc can technically still win the drivers' title, it would take a mathematical miracle for the Monegasque star to end Ferrari's F1 title drought that stretches back to 2008.

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