No Impact from Trump Tariffs: Ferrari Races Ahead with Strong Q1 Results

Demand in the U.S. Remains Strong
No Order Cancellations Through Next Year
Despite Price Increases Due to Tariffs

Italian supercar brand Ferrari posted first-quarter results that exceeded market expectations, despite the impact of import car tariffs imposed by the Donald Trump administration.

According to the Financial Times (FT) on May 6 (local time), Ferrari CEO Benedetto Vigna said after the earnings announcement, "Currently, there are no signs of weakening demand from customers," adding, "Regarding tariffs, we are able to secure better visibility thanks to our order book and portfolio."

Ferrari's first-quarter deliveries increased by only about 1% year-on-year, but operating profit rose by 23% to 542 million euros (approximately 859 billion won), driven by demand for customized vehicles. Revenue increased by 13% to 1.79 billion euros (about 2.837 trillion won).

Ferrari also largely maintained its previous outlook for this year's adjusted operating profit to exceed 2 billion euros (about 3.17 trillion won), with a profit margin of over 29%. This contrasts with many other automakers that have recently reported earnings but either withheld guidance or sharply lowered their forecasts.

Steven Lightman, an analyst at Bernstein, commented, "Ferrari stands out because many automakers are delaying guidance due to uncertainties such as the impact of U.S. tariffs."

Ferrari manufactures all of its products in Italy, and the U.S. market accounts for about a quarter of its total sales. As a result, the company is inevitably affected by the 25% import car tariff currently imposed by the United States. In response to these tariffs, Ferrari announced on April 2 that it would raise the prices of vehicles exported to the U.S. by up to 10%.

CEO Vigna stated that demand in the U.S. remains "hot" despite the price increases resulting from the tariff impact. He also said that the order book is full through next year, with no cancellations.

FT reported, "On Tuesday, the company said that no cancellations had been registered for its order book, which covers all of 2026. This remained the case even after it announced in March plans to raise prices for some models by up to 10%." The report added, "This luxury carmaker has enough brand power to pass on the tariff burden to consumers."

However, according to CNBC, Ferrari predicted that tariffs would have a negative impact on profitability this year, estimating that its operating profit (EBIT) and EBITDA margin for this year's guidance could decrease by 0.5 percentage points.