Ferrari CEO warns EU of Chinese EV competition

Ferrari's first EV is scheduled to be globally unveiled in Q4 2025.

Speaking in an interview, Benedetto Vigna, Ferrari CEO, stated that the new competition from China should be a "call to action" for EU automakers.

Vigna said, "For me, this is a call to action for Europe." Also, speaking about the upcoming EU deadline to announce the results of Beijing's EV subsidies, Vigna stated, "People are defining it as a war, but for me, it’s a nice competition."

Amidst the trade dispute, China could introduce duties as high as 25% on vehicle imports. The increase in tariffs could severely impact carmakers like Porsche, Audi & Range Rover. However, Ferrari is said to be less exposed than its rivals. Vigna stated, "China is not for Ferrari what it is for other luxury brands. The market in China is still not mature."

The "call to action" by the Ferrari CEO comes just ahead of the brand's own EV debut. Ferrari's first EV is scheduled to be globally unveiled in Q4 2025. Talking about the Ferrari EV, Vigna said, "[It] is going as planned, but some processes we are even ahead of schedule."

Source: Bloomberg