By Sam Meredith

Copyright cnbc

Luxury carmaker Ferrari on Thursday scaled back its electrification ambitions, while offering a first glimpse of the technology that will power “elettrica,” its first fully electric vehicle.

The Maranello, Italy-based sports car manufacturer said at its Capital Markets Day event that it would target a 2030 sports car model line-up made up of 40% internal combustion engine (ICE) cars, 40% hybrid and 20% fully electric vehicles.

Ferrari said the revised target, which is down from a prior goal of 40% EV sales by the end of the decade, is the result of a client-centric approach, the current environment and its expected evolution.

The pivot comes as the Italian carmaker lifted the hood on the technology set to power its maiden electric vehicle. Ferrari unveiled the production-ready chassis and powertrain of the elettrica during a technology and innovation workshop, saying it would start deliveries of the model in late 2026.

The completed car is expected to be launched at a global premiere next year.

Milan-listed shares of Ferrari were last seen down 13% on Thursday morning. U.S.-listed shares, meanwhile, were down 11.3% in premarket.

“With the new Ferrari elettrica, we once again affirm our will to progress by uniting the discipline of technology, the creativity of design and the craft of manufacturing,” John Elkann, executive chairman of Ferrari, said in a statement.