Groupe Beneteau has issued a statement to say that it is carefully evaluating the impact of the escalating trade war and that it expects the measures undertaken by the US Administration and retaliatory measures from the EU and Canada to have a limited effect on its current fiscal year.
Beneteau’s Boat Division has a portfolio of 10 boat brands including four American brands – Four Winns, Glastron, Wellcraft and Scarab – that are built in Cadillac, Michigan. Over the last three years, the group has implemented a strategy for these brands to gain market share in their core market, the US.
In addition to new product development, dealer development in underserved markets has been intensified. Over the last three quarters, all four American brands thus gained market share in the US.
As reported earlier by IBI, the European and Canadian tariffs are 25% and 10% respectively. They came into effect on June 22 for products exported to the EU and will be effective from July 1 for products exported to Canada.
Beneteau's next announcement is scheduled for July 10, 2018, when revenues for the first nine months of FY 2017-18 will be reported.