Workers on the production line at the new Ferrari NV E-building factory in Maranello, Italy, on Friday, June 21, 2024.
Francesca Volpi | Bloomberg | Getty Images
The chief executive of Ferrari on Thursday said the company was prepared for potential U.S. tariffs on European automakers.
“We are ready with some countermeasures,” Ferrari CEO Benedetto Vigna told CNBC’s Robert Frank at CONVERGE LIVE in Singapore on Thursday.
“We are in a scenario planning phase to manage as best whatever will happen,” Vigna said, without providing details of what these steps could be.
“You wait for the official number to be published,” he said, referring to U.S. President Donald Trump’s threat of tariffs “in the neighborhood of 25%” on global carmakers.
“We are watching what’s going to happen in the next month, next weeks … we are on the same boat in terms of tariffs,” Vigna said.
European automakers have been grappling with trade policy uncertainty in recent months, with the threat of U.S. import tariffs raising alarm bells among many original equipment manufacturers (OEMs).
Tariffs are expected to have a profound impact on the auto industry, given highly globalized supply chains and a heavy reliance on manufacturing operations across North America, particularly Mexico.
Tariffs for auto companies that currently comply with standards under the U.S.-Mexico-Canada Agreement, or USMCA, were paused earlier this month until April 2.
Analysts said late last year that they expect Ferrari to be something of an exception among Europe’s automotive sector. The company, which is thought to be well placed to pass on any increase in prices, exclusively produces its cars in Italy.
Vigna’s comments come shortly after the luxury Italian carmaker reported a significant upswing in 2024 net profit, citing a strong product mix and growing demand for personal touches to its vehicles.
The company also remains on track for the landmark unveiling of its first fully electric car later in the year, Vigna said. The launch is scheduled to take place on Oct. 9 at the firm’s Maranello base in Italy.
The upcoming EV model, which will be manufactured in Italy, is one of six new models the company plans to unveil this year.
Shares of the Milan-listed stock are up around 0.5% year-to-date.
Clarification: The article has been updated to clarify that Ferrari is doing scenario planning to counter the impact of potential U.S. tariffs.
