Ferrari will never move production out of its home in Maranello, Italy, company CEO Benedetto Vigna said on Tuesday at a conference in New York organized by Reuters.
Vigna made the comment in response to a question on whether Ferrari would consider moving production to the U.S.
"We will sell cars in the U.S., but we will make cars in Maranello," he said.
President-elect Donald Trump, during his campaign, pledged to impose a tariffs on U.S. imports from all countries. Since winning the election, he has proposed a 25% tariff on imports from Mexico and Canada, as well as an additional 10% tariff on Chinese goods.
Benedetto Vigna
Unlike volume brands, Ferrari occupies a valuable position where demand for its vehicles typically exceeds supply. Its customers are also generally not price-sensitive, considering its models sell for hundreds of thousands of dollars and often command steep markups.
"Our order book is pretty strong," Vigna said at the conference. "[Trump] decides what to do [in the U.S.], we will cope with those new rules."
The Biden administration earlier this year introduced a 100% tariff on Chinese-made electric vehicles, up from 25% previously. Some automakers impacted by the policy include Lotus, Polestar, and Volvo. Polestar has responded by adding production of the Polestar 4 in South Korea, while Volvo is accelerating the addition of production for the EX30 in Belgium.
