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 watching what’s going to happen in the next month, next weeks … we are on the same boat in terms of tariffs,” he added.
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.
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.
Shares of the Milan-listed stock are up around 0.5% year-to-date.
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