Ferrari will begin its cautious shift to electric vehicles in 2026 with its first battery-powered four-seat coupe, but shares plummeted Thursday over a long-term profit outlook that fell short.

Shares of Ferrari fell by as much as 16 percent Thursday on the Milan stock market, as the luxury carmaker spelled out profit and revenue expectations for 2030 that disappointed investors.

The luxury brand with the prancing horse logo presented details of its first electric sports car, to be released next year, during a presentation to investors and media at its Maranello factory, even while revealing it would scale back its electrification plans.

The four-seat coupe, “Elettrica,” will offer over 1,000 horsepower and have a range of 530 kilometres (329 miles).

Ferrari — which sold fewer than 14,

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