Workers on the production line at the new Ferrari NV e-Bilading Factory in Maranelo, Italy on Friday, June 21, 2024.
Franceska Volley | Bloomberg | Getty images
Ferrari’s chief executive said on Thursday that the company was ready for a possible American tariff on European vehicle manufacturers.
“We are ready with some counterichers,” Ferrari CEO Bendeto Wigna on Thursday told Robert Frank of CNBC in Singapore in Convoor Live.
Wigna said, “We are in a landscape planning phase, whatever it is, to manage the best,” Wigna said, without providing details of these stages.
“You wait for the official number to be published,” he said, “In the neighborhood of 25%” on global car manufacturers mention the threat of US President Donald Trump.
“We are seeing what is going to happen in the next month, next week … we are on the same boat in terms of tariffs,” Vigna said.
European vehicle manufacturers have been struggling with the uncertainty of trade policy in recent months, importing tariffs to increase the alarm bells between many American original equipment manufacturers (OEMs).
Tariff is expected to have a profound impact on the auto industry, with high global supply chains and heavy dependence on manufacturing operations in North America, especially Mexico.
Tariffs for auto companies that currently follow the standards under the US-Maxico-Canada Agreement, or USMCA, were prevented until 2 April this month.
Analysts stated at the end of last year that they hope that Ferrari would be something of an exception among Europe’s motor vehicle sector. The company, which is well placed to pass any increase in prices, produces its cars, especially in Italy.
The luxury Italian car manufacturer reported a significant increase in the net profit of 2024, citing a strong product mixture and increasing demand for personal touch to his vehicles, Vigna’s comments came shortly after.
Wigna said that the company remains on the track even after the unveiling of its first fully electric car landmark. The launch is scheduled to be held on 9 October in the firm’s Marnelo base in Italy.
The upcoming EV model, which will be manufactured in Italy, is one of the six new models that the company plans to unveil this year.
The shares of the matching-list stock are about 0.5% year-over year.
Explanation: The article has been updated to clarify that Ferrari is planning a landscape to combat the impact of the potential American tariff.
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