According to foreign media reports, Ferrari CEO Benedetto Vigna said at a media event held in Singapore that the company is ready to deal with possible tariffs imposed by the United States on European automakers.
“We have some responses in response to U.S. tariff policy and are currently in the scenario planning stage to respond as appropriately as possible to deal with anything that may occur,” but Vigna did not disclose the specifics of these measures.
“We have to wait for official figures to be released,” Vigna said, referring to U.S. President Trump’s threat of imposing “about 25%” tariffs on global automakers.
“We are focusing on what will happen in the next month and in the next few weeks. We are in the same situation when it comes to tariffs,” Vigna added.
European automakers have been coping with uncertainty in trade policy in recent months. The threat of import tariffs from US President Trump has sounded the alarm for many automakers.
As the automotive industry’s supply chain is highly globalized and heavily relies on manufacturing operations in North America (especially Mexico), tariffs are expected to have a profound impact on the automotive industry.
Earlier this month, the U.S. government announced that tariffs will be delayed until April 2 for automobile companies currently complying with the US-Mexico Free Trade Agreement (USMCA). All Ferrari models are produced locally in Italy and do not meet the tariff exemption conditions stipulated in the above agreement.
However, analysts pointed out at the end of 2024 that Ferrari would be a special existence in the European automotive industry because the company has the ability to pass on cost increases to consumers.
Ferrari’s net profit increased significantly in 2024, which the company said was thanks to a strong product portfolio and the increasing demand for personalized vehicle customization from customers.
In addition, Vigna also said that the company will launch its first pure electric vehicle as planned in the second half of this year, which will be a milestone event for Ferrari. It is reported that Ferrari’s first pure electric vehicle launch conference is scheduled to be held at the company’s headquarters in Maranello, Italy on October 9. The upcoming electric vehicle will be produced in Italy and is one of six new models the company plans to launch this year.