The CEO of Ferrari, Benedetto Vigna, has emphasized the importance of the emergence of Chinese electric vehicles as a wake-up call for Europe to step up its game in the EV market. Vigna expressed that this competition should motivate Europe to be more proactive rather than complacent.
As tensions rise between China and Europe, particularly with the EU’s impending decision on Beijing’s EV subsidies, various automakers are voicing concerns about the potential escalation of protectionist measures into a trade war.
China recently indicated its readiness to impose tariffs of up to 25% on imported cars with large engines in response to tariff increases by the United States. Notably, a significant portion of China’s luxury car imports includes brands like Porsche, Audi, and Range Rover.
However, Ferrari appears to be relatively less vulnerable to these potential tariffs. The Italian luxury car manufacturer has stated that its sales in China will not exceed a 10% share due to existing tariffs that already impact profitability.
Vigna pointed out that the Chinese market is still evolving and differs from the landscape for other luxury brands, indicating that China does not hold the same significance for Ferrari as it does for other players in the market.
Overall, the growing competition in the EV sector, especially with the rise of Chinese electric vehicles, is pushing European automakers to reevaluate their strategies and remain competitive in the global market.
