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Despite US Import Taxes, Ferrari’s Profits Have Increased
Ferrari confidently reported a profit increase in the second quarter, setting itself apart from many other car manufacturers.
The Italian sports car maker benefited from strong demand for its SF90 XX and 12Cilindri models and bespoke supercars, which offset extra costs from higher US import duties.
Revenue rose 4 percent to €1.8 billion. The bottom line was €425 million in profit, up 3 percent from a year ago. Ferrari is more confident of meeting its previous annual forecast since the European Commission and the US reached a trade deal. This deal reduces tariffs on the automotive sector.
Ferrari produces all its vehicles in Italy and therefore cannot offset the higher costs by moving production to the US. However, the company still has a large order book and few cancellations, underscoring its ability to command higher prices than its competitors.
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