Ferrari stock was tumbling on Thursday after the luxury auto maker’s guidance for 2030 came in below analysts’ expectations.

The company’s U.S.-listed shares dropped 10% to $431.12 ahead of the opening bell. Futures tracking the S&P 500 were flat.

The entrance of the Ferrari factory in Maranello, Italy.

The selloff came after Ferrari released its financial targets for both the current year and the rest of the decade at a Capital Markets Day in Maranello, Italy.

Ferrari slightly raised its outlook for 2025. It now expects to report a profit of at least 8.80 euros ($10.23) a share, on revenue of €7.1 billion. The company previously guided for profit of at least €8.60 a share on revenue of at least €7. billion.

Longer-term guidance looked a little soft. In 2030, the company is expecting to report adjusted earnings of 11.50 euros ($13.37) a share, on revenue of €9 billion. Analysts were expecting revenue of €9.8 billion, according to a FactSet poll.

The company expects most of its profit gains to come from its product mix, limited-edition models, and personalization, with sales volumes contributing to a lesser extent.

Ferrari also hit the brakes on a plan to go electric, after unveiling the chassis and powertrain for its first ever EV, the Ferrari elettrica, which will start deliveries in late 2026.

Electric cars will comprise only 20% of Ferrari's sports car lineup by 2030, the company announced. This is a change from their previous guidance, which indicated that 40% of their lineup would be electric by the end of the decade.

Ferrari plans to launch an average of four new cars each year from 2026 to 2030. In 2027, they will open new “Tailor Made” hubs in Tokyo and Los Angeles to allow more customers to personalize their vehicles.

Since the beginning of 2024, Ferrari's shares have increased by approximately 43%, with an 11% rise since Barron’s selected it as a stock pick in late November.