MILAN (AP) — Italian luxury sports carmaker Ferrari raised its 2025 guidance on Thursday in the face of global 15% tariffs on foreign car imports to the United States as the company unveiled the new powertrain and chassis of its first fully electric production vehicle.
Yet the debut of its electric vehicle was marred by the company's worst trading day since going public in 2016. Industry analysts had expected much greater long-term growth and shares plunged 15% on the Milan Stock Exchange and about the same on the New York Stock Exchange.
Ferrari CEO Benedetto Vigna declined to give target production numbers or a price for the Ferrari Elettrica, which will be delivered beginning late next year, with the design to be revealed in the spring.
Under the carmaker’s new five-year plan, 40% of the product lineup will be the brand’s core internal combustion engines, 40% will be hybrid and 20% will be electric by 2030, with an average of four new launches a year in the period. The new business plan calls for more models with lower volumes of each.
That signals a sharp reduction in the number of fully electric vehicles the company said it would build just a few yeas ago. In 2022, Ferrari said 40% of its lineup would be electric.
Other luxury automakers have scaled back plans for electric vehicle production to match demand.
The fully electric vehicle Ferrari Elettrica represents a new segment that Vigna said would bring new buyers to Ferrari. It builds on 15 years of electrification research at Ferrari, starting with Formula 1 technology that was first incorporated into the limited edition La Ferrari hybrid supercar that debuted in 2013.
To maintain the sports car feel and emotions integral to the Ferrari experience, the Elettrica will capture powertrain vibration through accelerometers on the rear axle that will be amplified to create a sports car roar. Drivers also can select five power levels using steering panels to create the sensation of continuous acceleration.
Ferrari also is manufacturing most critical components internally, including the battery system and software. The chassis and body shell will be made out of 75% recycled aluminum, saving 6.7 tons of carbon dioxide per vehicle.
Ferrari said that revenues this year would top 7.1 billion euros ($8.2 billion), up from more than 7 billion euros in the previous guideline. Ferrari also targets earnings before interest, taxes, depreciation and amortization, or EBITDA, of 2.7 billion euros with a margin of more than 38.3%.
Presenting its five-year plan, the Formula 1 racing team and sports carmaker that has expanded into luxury goods is projecting net revenues of 9 billion euros by 2030 with and EBITDA of at least 3.6 billion euros on 40% margins.
Citi analyst Harald Hendrikse said the outlook fell below even “lower growth” estimates and said the projections reflect a conservative outlook from Ferrari.
FILE - The Ferrari logo is photographed on a 1950 Oldsmobile Ferrari 166 MM Touring Barchetta displayed at the Grand Palais in Paris, Tuesday, Feb. 4, 2025. (AP Photo/Aurelien Morissard, File)
KAMPALA, Uganda (AP) — Uganda’s presidential election was plagued by widespread delays Thursday in addition to a days-long internet shutdown that has been criticized as an anti-democratic tactic in a country where the president has held office since 1986.
Some polling stations remained closed for up to four hours after the scheduled 7 a.m. start time due to “technical challenges," according to the nation's electoral commission, which asked polling officers to use paper registration records to ensure the difficulties did not “disenfranchise any voter.”
President Yoweri Museveni, 81, faces seven other candidates, including Robert Kyagulanyi, a musician-turned-politician best known as Bobi Wine, who is calling for political change.
The East African country of roughly 45 million people has 21.6 million registered voters. Polls are expected to close at 4 p.m. Thursday, according to the electoral commission. Results are constitutionally required to be announced in 48 hours.
Impatient crowds gathered outside polling stations expressing concerns over the delays Thursday morning. Umaru Mutyaba, a polling agent for a parliamentary candidate, said it was “frustrating” to be waiting outside a station in the capital Kampala.
“We can’t be standing here waiting to vote as if we have nothing else to do," he said.
Wine alleged there was electoral fraud occurring, noting that biometric voter identification machines were not working at polling places and claiming there was “ballot stuffing.”
“Our leaders, including Deputy President for Western Region, arrested. Many of our polling agents and supervisors abducted, and others chased off polling stations,” Wine wrote in a post on social media platform X.
Museveni told journalists he was notfied biometric machines were inoperable at some stations and he supported the electoral body's decision to revert to paper registration records. He did not comment on the allegation of fraud.
Ssemujju Nganda, a prominent opposition figure and lawmaker seeking reelection in Kira municipality, told The Associated Press he had been waiting in line to vote for three hours.
Nganda also noted biometric machines were malfunctioning, in addition to the late arrival of balloting materials, and predicted the delays likely would lead to apathy and low turnout in urban areas where the opposition has substantial support.
"It’s going to be chaos,” he said Thursday morning.
Nicholas Sengoba, an independent analyst and newspaper columnist, said delays to the start of voting in urban, opposition areas favored the ruling party.
Uganda has not witnessed a peaceful transfer of presidential power since independence from British colonial rule six decades ago.
Museveni has served the third-longest term of any African leader and is seeking to extend his rule into a fifth decade. Some critics say removing him through elections remains difficult, but the aging president’s authority has become increasingly dependent on the military led by his son, Muhoozi Kainerugaba.
Museveni and Wine are reprising their rivalry from the previous election in 2021, when Wine appealed to mostly young people in urban areas. With voter turnout of 59%, Wine secured 35% of the ballots against Museveni’s 58%, the president’s smallest vote share since his first electoral campaign three decades ago.
The lead-up to Thursday's election produced concerns about transparency, the possibility of hereditary rule, military interference and opposition strategies to prevent vote tampering at polling stations.
Uganda's internet was shut down Tuesday by the government communications agency, which cited misinformation, electoral fraud and incitement of violence. The shutdown has affected the public and disrupted critical sectors such as banking.
There has been heavy security leading up to voting, including military units deployed on the streets this week.
Amnesty International said security forces are engaging in a “brutal campaign of repression,” citing a Nov. 28 opposition rally in eastern Uganda where the military blocked exits and opened fire on supporters, killing one person.
Museveni urged voters to come out in large numbers during his final rally Tuesday.
“You go and vote, anybody who tries to interfere with your freedom will be crushed. I am telling you this. We are ready to put an end to this indiscipline,” he said.
The national electoral commission chairperson, Simon Byabakama, urged tolerance among Ugandans as they vote.
“Let us keep the peace that we have,” Byabakama said late Wednesday. “Let us be civil. Let us be courteous. Let’s be tolerant. Even if you know that this person does not support (your) candidate, please give him or her room or opportunity to go and exercise his or her constitutional right."
Authorities also suspended the activities of several civic groups during the campaign season. That Group, a prominent media watchdog, closed its office Wednesday after the interior ministry alleged in a letter that the group was involved in activities “prejudicial to the security and laws of Uganda.”
Veteran opposition figure Kizza Besigye, a four-time presidential candidate, remains in prison after he was charged with treason in February 2025.
Uganda opposition presidential candidate Robert Kyagulanyi Ssentamu, known as Bobi Wine, right, greets election observers, including former Nigerian President Goodluck Jonathan, at his home in Magere village on the outskirts of Kampala, Uganda, Wednesday, Jan. 14, 2026. (AP Photo/Hajarah Nalwadda)
Billboards of Uganda President and National Resistance Movement (NRM) presidential candidate Yoweri Museveni are seen in Kampala, Uganda, Tuesday, Jan. 13, 2026. (AP Photo/Samson Otieno)
Electoral workers deliver ballot boxes to a polling station during presidential election in Kampala, Uganda, Thursday, Jan. 15, 2026. (AP Photo/Brian Inganga)
Voters are reflected in a police officer's sunglasses as they wait in line after voting failed to start on time due to system failures during presidential election in Kampala, Uganda, Thursday, Jan. 15, 2026. (AP Photo/Brian Inganga)
Voters wait to cast their ballots during the presidential election in Kampala, Uganda, Thursday, Jan. 15, 2026. (AP Photo/Brian Inganga)
