Ferrari just had its worst day since 2016. When the rich stop buying toys, everyone feels it.

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Ferrari shares on track for worst trading day in company history.

Shares of Ferrari posted their worst trading day ever on Thursday after the luxury carmaker updated its full-year and 2030 guidance and scaled back its electrification ambitions.

Analysts were disappointed by the new guidance, saying it fell short of expectations.

The Maranello, Italy-based sports car manufacturer said at its Capital Markets Day, or CMD, event that it expected net revenue of at least 7.1 billion euros ($10.7 billion) this year, up from a previous forecast of more than 7 billion euros.

Net revenue is expected to be around 9 billion euros in 2030, and the company is targeting earnings before interest, taxes, depreciation and amortization, or EBITDA, of at least 3.6 billion euros by 2030.

Ferrari’s Milan-listed stock price tumbled 16.1%, before paring some of its losses to close at 354 euros, down 15.4%. It was Ferrari’s worst trading day since the automaker publicly listed on the Milan stock exchange in early 2016.