While Ferrari CEO Benedetto Vigna wants to celebrate titles in Formula 1 again, Ferrari shares plummeted on the stock markets last week.
Ferrari CEO Benedetto Vigna has reaffirmed the manufacturer’s ambition to finally end its long title drought in Formula 1 after the company presented its economic goals at its “Capital Markets Day.”
The Italian racing team, historically the most successful team in Formula 1, has not won a constructors’ title in the premier class since 2008. The last drivers’ title dates back to 2007, when Kimi Räikkönen became world champion.
Ferrari is currently enjoying great success in other major racing series. The factory team leads the 2025 World Endurance Championship (WEC) and has also won the last three editions of the 24 Hours of Le Mans. This topic came up last Thursday during “Capital Markets Day,” an event where a company presents its long-term strategies and financial goals. “Last time, we committed ourselves to winning races,” Vigna said, explaining: “We have succeeded in doing so with the 499P in endurance racing, but we need to improve in Formula 1. We have to win. We owe it to our loyal fans around the world.”
Ferrari “a personal matter” for Elkann
The event gave Ferrari the opportunity to present its vision for both racing and the automotive sector. The Italians announced that they expect revenues of €7.1 billion this year, rising to €9 billion by 2030, with adjusted profits of at least €3.6 billion.
Ferrari Chairman John Elkann explained: “Ferrari is unique in three dimensions: tradition, technology, and racing. The perfect combination of these three souls defines Ferrari. Racing, a story that began on the track almost 100 years ago, determines who we are.”
“I want to make this very clear: this is a personal matter for me. My commitment is as president, as majority shareholder, and above all as someone who has been passionately involved with Ferrari throughout his life,“ said Elkann. ”I am committed to ensuring that every decision we make strengthens the uniqueness of Ferrari. I stand by our employees, whose talent and dedication are the greatest guarantee for our future. I stand by our beloved Ferrari drivers, who entrust us with their dreams.“
”And I stand by our loyal fans, who eagerly await seeing us win in Formula 1, just as we do in endurance racing. We proudly brought home the Le Mans trophy after three consecutive victories. “
Ferrari shares plummet on the stock markets
Despite the ambitious plans, the expected profits are below the growth target that Ferrari had set in 2022, leading to the worst day ever for the Italians on the stock markets in Europe and the US.
Ferrari shares fell 15 percent on the New York Stock Exchange (NYSE), marking the biggest daily loss since its IPO in 2015, and more than 14 percent in Milan.
It was the worst slump since the initial listing in Italy in early 2016, on the very day Ferrari unveiled the technology for its first electric car, which is set to debut next year.
“People had expected higher sales, that’s clear,” Vigna said at a subsequent press conference, “but I think it’s important that we deliver on what we say. We can’t make promises we can’t keep.“ ”I believe the market understands that. And I think people also see the opportunities. But we also have to be careful when we take advantage of them,” said Vigna.