Ferrari will at all times make its vehicles in Italy, CEO says

By Vanessa O’Connell

NEW YORK (Reuters) -Ferrari will at all times make its luxurious sports activities automotive in its hometown of Maranello, northern Italy, together with its first totally electrical mannequin anticipated subsequent 12 months, Chief Govt Benedetto Vigna stated on Tuesday.

And this won’t change, regardless of new tariffs probably being launched on worldwide markets, together with the U.S. following the election of Donald Trump as president.

“We make vehicles in Maranello,” Vigna stated on the Reuters NEXT convention in New York, replying to a query if Ferrari (NYSE:RACE) would ever think about manufacturing vehicles within the U.S.

“We’ll promote vehicles in U.S., however we’ll make vehicles in Maranello.”

Vigna stated he didn’t anticipate any adjustments in demand as Trump will quickly come into workplace. The president-elect has floated attainable tariffs on European made items.

“Our order guide is fairly robust,” Vigna stated. “He decides what to do right here, we’ll address these new guidelines… there shall be tariffs for us, for everybody. It is good as a result of when you’ve the realities altering round you, it is a approach to foster increasingly more innovation.”

Vigna, a former tech govt who took over as Ferrari CEO in 2021, reiterated on Tuesday the corporate would current its first fully-electric automotive within the fourth quarter of 2025.

Requested about its promoting worth, which Reuters reported earlier this 12 months it might high 500,000 euros ($526,000), Vigna stated it might be set on the final second.

“It depends upon the emotion that we’re in a position to transmit with the automotive,” he stated.

Ferrari final 12 months began accepting funds for its luxurious vehicles in cryptocurrencies, however the CEO stated the corporate was not investing in them.

“We needed to supply the chance for purchasers … In any case, we get money – greenback or euro relying on the nation. We love money,” Vigna stated.

“We do not spend money on crypto. We do not need to get crypto and speculate – it is a approach to make buy seamless.”

Funds in cryptocurrencies began within the U.S. final 12 months and are at the moment additionally accepted at some European dealerships, Vigna stated.

Vigna additionally stated Ferrari was “very proud” of a deal it introduced earlier on Tuesday, to produce engines and gearboxes to a brand new Cadillac System One workforce in a multi-year settlement from 2026 the corporate introduced earlier on Tuesday.

“We’re very glad of this choice, and this makes us proud,” he stated. “In our DNA is racing. We’ve been current on this sport, which is now turning into leisure, because the starting.”

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