Ferrari, the iconic Italian automaker, is bracing itself for potential U.S. tariffs on European vehicles. The company exclusively manufactures its cars in Italy and is believed to be well-positioned to handle any price hikes that may result from such tariffs. Ferrari's CEO, Benedetto Vigna, announced the company's preparedness during his speech at CONVERGE LIVE in Singapore on Thursday.
European automakers have been facing increasing uncertainty due to evolving trade policies, with the looming threat of U.S. import tariffs causing significant concern among original equipment manufacturers (OEMs). However, analysts predict that Ferrari will stand out as an exception in Europe's automotive sector. The company's Milan-listed shares have already seen a modest rise of approximately 0.5% year-to-date.
The auto industry, characterized by its highly globalized supply chains, depends heavily on manufacturing operations spread across North America, especially Mexico. Any implementation of tariffs is anticipated to profoundly impact the industry. Despite these challenges, Ferrari remains confident in its ability to navigate the turbulent waters.
"We are ready with some countermeasures," said Ferrari CEO Benedetto Vigna.
Ferrari's strategic readiness sets it apart from many of its peers, as it closely monitors the evolving situation. Speaking with CNBC's Robert Frank at the event, Vigna emphasized the company's vigilance and adaptability in the face of potential changes.
"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 remarked.
The automotive giant's preparedness underscores its commitment to maintaining stability amid external pressures. While other European automakers grapple with the potential repercussions of tariffs, Ferrari's proactive approach may serve as a blueprint for resilience.