Employees on the manufacturing line on the new Ferrari NV E-building manufacturing facility in Maranello, Italy, on Friday, June 21, 2024.
Francesca Volpi | Bloomberg | Getty Photographs
The chief government of Ferrari on Thursday mentioned the corporate was ready for potential U.S. tariffs on European automakers.
“We’re prepared with some countermeasures,” Ferrari CEO Benedetto Vigna advised CNBC’s Robert Frank at CONVERGE LIVE in Singapore on Thursday, with out offering specifics on the plan.
“You anticipate the official quantity to be printed,” he mentioned, referring to U.S. President Donald Trump’s menace of tariffs “within the neighborhood of 25%” on international carmakers.
“We’re watching what is going on to occur within the subsequent month, subsequent weeks … we’re on the identical boat when it comes to tariffs,” he added.
European automakers have been grappling with commerce coverage uncertainty in current months, with the specter of U.S. import tariffs elevating alarm bells amongst many authentic gear producers (OEMs).
Tariffs are anticipated to have a profound affect on the auto trade, given extremely globalized provide chains and a heavy reliance on manufacturing operations throughout North America, notably Mexico.
Tariffs for auto corporations that at present adjust to requirements below the U.S.-Mexico-Canada Settlement, or USMCA, have been paused earlier this month till April 2.
Analysts mentioned late final 12 months that they anticipate Ferrari to be one thing of an exception amongst Europe’s automotive sector. The corporate, which is considered effectively positioned to move on any enhance in costs, solely produces its automobiles in Italy.
Vigna’s feedback come shortly after the posh Italian carmaker reported a major upswing in 2024 web revenue, citing a robust product combine and rising demand for private touches to its autos.
The corporate additionally stays on monitor for the landmark unveiling of its first absolutely electrical automotive later within the 12 months, Vigna mentioned. The launch is scheduled to happen on Oct. 9 on the agency’s Maranello base in Italy.
The upcoming EV mannequin, which might be manufactured in Italy, is certainly one of six new fashions the corporate plans to unveil this 12 months.
Shares of the Milan-listed inventory are up round 0.5% year-to-date.
