Ferrari’s CEO confirmed on Thursday that the company is ready to handle any possible U.S. tariffs on European car makers. Speaking at CONVERGE LIVE in Singapore during an interview with CNBC’s Robert Frank, CEO Benedetto Vigna explained that they have already put plans in place to deal with the situation, although he did not share specific details.
Vigna added that they are waiting for the final numbers to be released, referring to U.S. President Trump’s indication of a tariff rate close to 25% on global car manufacturers. He noted that his team is closely monitoring the situation over the coming weeks, as the potential tariffs affect the entire industry.
This development comes as many European automakers face uncertainty in trade policies. The auto industry is particularly vulnerable due to its global supply chains and its significant reliance on production facilities in North America, especially in Mexico. Recently, tariffs for companies under the U.S.-Mexico-Canada Agreement (USMCA) were put on hold until April 2.
Industry experts have pointed out that Ferrari might be an exception among European carmakers. Because Ferrari manufactures all of its cars in Italy, the company is seen as being in a strong position to transfer any additional costs to its customers.
In related news, Ferrari announced a notable rise in its net profit for 2024, which was credited to a well-balanced product lineup and increasing demand for customized vehicles. The company is also on track to launch its first fully electric car later this year. Scheduled for an October 9 debut at its headquarters in Maranello, Italy, this new electric model is one of six new cars Ferrari plans to introduce in 2024.
Meanwhile, shares of the Milan-listed company have increased by about 0.5% so far this year.
