Ferrari has increased its profit in the second quarter, in contrast to many other car manufacturers.
The Italian sports car manufacturer benefited from strong demand for its SF90 XX and 12Cilindri models and custom-made supercars, which compensated for extra costs due to higher US import duties.
Revenue increased by 4 percent to 1.8 billion euros. Net profit was 425 million euros, 3 percent more than a year earlier. Ferrari is more confident about meeting its previously set annual forecast since the European Commission and the US have reached a trade deal. This deal will reduce tariffs for the automotive sector.
Ferrari produces all its vehicles in Italy and therefore cannot offset the higher costs by moving production to the US. But the company still has a large order book and few cancellations, which underscores its ability to charge higher prices than the competition.