Luxury carmaker Ferrari on Tuesday reported a significant upswing in first-quarter profit, citing robust demand for personalized vehicles — but warned U.S. President Donald Trump‘s trade policy could hit earnings this year.

The Maranello, Italy-based sports car manufacturer posted net profit of 412 million euros ($466.3 million) for the first three months of the year, reflecting a 17% increase from the same period last year.

Analysts had expected first-quarter net profit to come in at 410 million euros, according to Reuters poll.

“Another year is off to a great start,” Ferrari CEO Benedetto Vigna said in a statement.

“In the first quarter of 2025, with very few incremental shipments year on year, all key metrics recorded double-digit growth, underscoring a strong profitability driven by our product mix and continued demand for personalizations,” Vigna said.

Looking ahead, Ferrari warned that the introduction of U.S. tariffs on EU cars imported into the U.S. could negatively impact the firm’s profitability this year.

“The [2025] guidance is subject to a potential risk of 50 basis points reduction on profitability percentage margins (EBIT and EBITDA margins), in relation to the update of the commercial policy following the introduction of import tariffs on EU cars into the USA,” the automaker said in its earnings report.

Ferrari’s 2025 guidance includes net revenue of more than 7 billion euros ($7.93 billion), earnings before interest, taxes, depreciation, and amortization of at least 2.68 billion euros ($3.04 billion) and adjusted earnings per share of 8.60 euros ($9.74).

Luxury carmakers are contending with the disruptive impact of Trump’s back-and-forth trade tariff policy. Several European auto giants reported a sharp downturn in quarterly profit this earnings season, with many suspending or cutting financial guidance as Trump’s tariffs take their toll.

“At a time when many Automotive and other companies are suspending guidance due to uncertainties over the impact from US tariffs and the second order impacts on the US and global economy, Ferrari stands out,” Bernstein analyst Stephen Reitman said Tuesday in an investor note.

The president imposed a 25% tariff on automotive imports into the U.S. in early April. Trump sought to water down these levies last week, however, signing an executive order designed to prevent a range of other separate duties — such as an additional 25% tariffs on steel and aluminum — from “stacking” on top of one another.

Ferrari said in late March that it would raise prices by 10% on certain models in response to the tariffs. The move would add up to $50,000 to the price of a typical Ferrari.

“We look ahead with confidence, being vigilant of the situation that surrounds us,” Vigna told investors Tuesday during the company’s quarterly earnings call.

Shares of the Milan-listed stock traded around 0.8% lower at 12:44 p.m. London time. Shares of the U.S.-listed shares were about the same.

The automaker’s global shipments were up less than 1% during the first quarter to 3,593 vehicles. Despite the flat shipments, Ferrari’s net revenue increased roughly 13% to 1.79 billion euros ($2.03 billion) and its net profit was up 17% to 412 million euros ($466.7 million).

Regarding the debut of Ferrari’s first all-electric vehicle, a car called the Elettrica, Vigna said the company will not reveal it until spring 2026, followed by deliveries in October 2026.

Initial expectations were that the Elettrica would be revealed at Ferrari’s upcoming capital markets day in October. Instead, the company will discuss the “technological hub” of the vehicle, Vigna said.

“This is a massive piece of technology, design and unique features. It will be an exciting journey of discovery,” Vigna said regarding the staggered EV rollout. “It is the first of its kind, yet rich in every aspect that makes it true Ferrari.”