Get ready to pay more for that Ferrari.
On Thursday, the Italian carmaker announced that its cars will cost up to 10% more under President Donald Trump’s new tariffs.
The price hikes will apply to all models except the 296, SF90, and Roma. Cars imported before April 2 will not be affected, Ferrari wrote on its website.
The price tag of any other Ferrari that wasn’t in the US by that date will climb, the company said.
Ferrari makes all of its cars in Maranello in northern Italy.
With Ferrari prices ranging from around $250,000 for a Portofino to over $3.5 million for limited-edition models like the F80, the price hike stands to add tens of thousands of dollars to the cost of a vehicle in the US.
Consider the Ferrari Purosangue, which retails for about $433,000 in the US. Under Trump’s tariffs, the vehicle could cost up to an extra $43,000.
Ferrari said the tariffs could take a bite out of its profits.
“On such basis, Ferrari confirms its financial targets for 2025, with a potential risk of 50 basis points reduction on profitability percentage margins,” the company wrote on its site.
Trump on Wednesday signed an order implementing a 25% tariff on auto imports, which will apply to all cars and light trucks not made in the US.
In a note on Wednesday, Wedbush analysts described the tariffs as a “hurricane-like headwind” to foreign and domestic automakers. They estimated the tariffs would push car prices up between $5,000 and $10,000.
While Trump’s announcement sent auto stocks tumbling, Tesla emerged as a winner, with its stock jumping 4% on Thursday. Tesla’s vehicles sold in the US are made domestically at its factories in California and Texas.
Trump said he did not consult with Tesla CEO Elon Musk on the auto tariff, citing potential conflicts of interest.
The president suggested the new tariff could boost domestic manufacturing growth if foreign-owned auto companies expand or create new plants in the US to bypass the import fees.
The auto tariff adds to existing duties on imports like steel and aluminum from Canada, Mexico, and China. Trump has repeatedly set and extended deadlines for these tariffs, only to walk the extensions back during trade negotiations, heightening tensions between the US and its allies to the north and south.
Shares of Ferrari closed slightly higher on Thursday, rising 3.2%.
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