Where most European car manufacturers are seeing their profits shrink due to American import duties and global price increases, Ferrari is making a lot of money. The Italian sports cars remain popular and the increased demand makes up for the extra costs of duties.
Ferrari posted higher sales and profits last quarter than a year earlier. The Italian manufacturer benefited from strong demand for its SF90 XX and 12Cilindri models.
That is remarkable, since all Ferraris are made in Italy. As a result, the manufacturer cannot compensate for the higher costs of duties by moving production to the US.
Enthusiasts are happy to pay a little more for the largely handmade cars. As a result, Ferrari still has a long order list to complete and few cancellations.
Revenue grew in the second quarter by 4 percent to 1.8 billion euros. Net profit was 425 million euros, an increase of 3 percent.
Due to the trade agreement between the EU and the US, Ferrari is more confident that it can achieve its annual goals. Americans will pay 15 percent tax on European cars from August.