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).

Several companies have pulled their full-year outlooks for 2025, with many citing market uncertainty exacerbated by Trump’s tariffs.

MILAN (Reuters) -Core earnings rose 15% in the first quarter at luxury sports-car maker Ferrari on a richer product line-up and demand for personalisations, the company said on Tuesday, although it reiterated U.