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).

Ferrari posted a significant rise Tuesday in its quarterly profit as it warned about risks related to US tariffs that may affect its earnings in 2025. The Italian luxury carmaker reported a net profit of €412 million ($466.3 million) in the first quarter, reflecting a 17% increase from the same period last year.

Ferrari reported a 15% rise in first-quarter core earnings on Tuesday and stuck to its broad financial guidance for the year, despite a string of automakers scrapping forecasts due to U.S. President Donald Trump's tariffs.