Italian luxury sports car maker Ferrari has announced it will raise prices on some models in the US by up to 10%. The price hike, which will take effect on April 2, is the European automaker's first concrete response to the Trump administration's car tariffs, Euronews reported.

The company said it would update its trade policy "based on currently available preliminary information regarding the introduction of duties on imports of EU vehicles into the United States."

On 26 March, US President Donald Trump signed a proclamation to impose 25% tariffs on auto imports, targeting "all non-US-made vehicles". Ferrari manufactures all of its cars in Maranello, northern Italy.  

The company said 3 models - the Ferrari 296, SF90 and Roma - would not be affected by the policy change. for all "current remaining models, the new import conditions will be partially reflected on prices, up to a maximum 10% increase, in coordination with our dealer network," the company added.

The price increase will result in an increase in costs of between €23,160 and €324,200, depending on the model.

In addition, the company also pointed out that its financial targets for 2025 risk "a 50 basis point reduction in the percentage margin of profitability".

Ferrari reported a net profit of 1.5 billion euros in 2024, up 21.3% from the previous year. Its operating profit margin stood at 28.3%, reflecting a 7% year-on-year increase. The company expects revenues of more than €7 billion in 2025, or 5% growth over last year. The profit margin is forecast to be 29% this year, up from 28.3% in 2024. A "50 basis point reduction" would therefore still leave it slightly more profitable than last year. | BGNES