Staff 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 Photos
The chief govt of Ferrari on Thursday stated the corporate was ready for potential U.S. tariffs on European automakers.
“We’re prepared with some countermeasures,” Ferrari CEO Benedetto Vigna informed CNBC’s Robert Frank at CONVERGE LIVE in Singapore on Thursday, with out offering specifics on the plan.
“You wait for the official quantity to be printed,” he stated, referring to U.S. President Donald Trump’s menace of tariffs “within the neighborhood of 25%” on world carmakers.
“We’re watching what is going on to occur within the subsequent month, subsequent weeks … we’re on the identical boat by way of 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 tools 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 the moment comply with requirements underneath the U.S.-Mexico-Canada Settlement, or USMCA, have been paused earlier this month till April 2.
Analysts stated late final 12 months that they count on Ferrari to be one thing of an exception amongst Europe’s automotive sector. The corporate, which is regarded as nicely positioned to go on any improve in costs, solely produces its automobiles in Italy.
Vigna’s feedback come shortly after the luxurious Italian carmaker reported a big upswing in 2024 web revenue, citing a powerful product combine and rising demand for private touches to its autos.
The corporate additionally stays on observe for the landmark unveiling of its first totally electrical automotive later within the 12 months, Vigna stated. 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 one in all 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.
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