Ferrari(US:RACE) 智通财经网·2025-07-31 12:26Core Insights - Ferrari's profits increased in Q2 due to strong demand for luxury models, offsetting additional tariff costs [1] - Total revenue grew by 4% year-over-year to €1.79 billion (approximately $2 billion), slightly below Wall Street's expectation of €1.83 billion [1] - The company expressed increased confidence in its annual performance guidance after recent US-EU trade agreements reduced previously threatened tariffs [1] Group 1: Financial Performance - Operating profit rose by 6% to €709 million [1] - Ferrari's stock price fell by 4.8% in Milan due to slightly disappointing overall revenue, despite a year-to-date increase of 1.5% [1] - The company avoided the significant performance declines faced by competitors like Porsche, which lowered its performance guidance due to the trade war [1] Group 2: Market Dynamics - The US is Ferrari's largest luxury car market, accounting for about one-quarter of its deliveries [2] - Ferrari's vehicles are all manufactured in Italy, limiting its ability to offset higher costs through production shifts [2] - The company plans to raise prices on some US models by up to 10% to address tariff impacts [2] Group 3: Competitive Landscape - Lamborghini reported record deliveries in the first half of the year, driven by strong demand for plug-in hybrid models, despite a 6% profit decline due to tariff pressures [3] - The luxury car market remains resilient, with wealthy customers showing strong demand for top-tier vehicles, regardless of broader luxury market slowdowns [3] - Ferrari's customers are primarily ultra-high-net-worth individuals, with a higher price acceptance compared to average luxury car buyers, allowing the company to act as a price maker [3] Group 4: Industry Challenges - Other European automakers like Volkswagen and Renault have faced significant profit declines due to tariff impacts, with Volkswagen's Q2 revenue down 3% to €80.8 billion and operating profit down 29% to €3.83 billion [3] - Volkswagen's costs increased by €1.3 billion (approximately $1.53 billion) due to US tariffs, leading to a lowered sales return forecast for 2025 [3]