Ferrari launches in India, eyeing growing super-rich
Friday 27 May 2011
Ferrari launched its first dealership in India on Thursday, seven years after it entered China but with the same aim of satisfying demand for flashy cars from the growing class of Asia's super-rich.
The full range of sports cars from the Italian manufacturer will be on sale, with the cheapest model, the California, priced at 22 million rupees (485,000 US dollars) after punitive import tariffs of more than 100 percent are applied.
"We decided that after 2010 India was ready for Ferrari," group chief executive Amedeo Felisa told reporters at the launch of the dealership in central New Delhi.
"New models are coming this year on the market, so why not use this moment to enter a new market?" he said. "India is the 58th country where Ferrari is present in the world."
There are already about 50 privately imported Ferraris on India's potholed and congested roads, including one belonging to Indian cricket superstar Sachin Tendulkar who reportedly drives at night to avoid the traffic.
Ferrari said it sold about 300 cars from 12 dealerships in China in 2010, about five percent of the total 6,500 cars produced annually by the Maranello-based group.
The number of Indians who have financial assets of over $1 million, excluding main residences, now stands at 127,000, the 2010 World Wealth Report by Merrill Lynch Capgemini says.
According to a recent survey of 160 financial advisors by the private banking arm of Citibank, Indians are also the most likely members of the global super-rich to spend on private jets and yachts over the next few years.
In April, Aston Martin joined the list of luxury marques driving into India, where Ferrari's long-time Italian rival Lamborghini already has a dealership.
The country is also home to the world's biggest number of poor people. Some 42 percent of Indians, or 455 million people, live on less than $1.25 a day, according to the World Bank.
India's statistics on health, infant mortality and malnutrition are worse than those for some countries in sub-Saharan Africa.
Life & Style blogs
Replica cars: The 'new classics' roaring back into the lead
iPhone 6 vs iPhone 6 Plus: which is the best?
Android One handsets launch in India: £65 apiece with cricket scores baked in
Students in the south east of England gain the most weight in their first year
Jennifer Lawrence nude pictures leaked: Reddit removes 'The Fappening' board dedicated to sharing naked pictures of celebrities
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Salmond accused of laughing off national debt with ‘what are they going to do: invade?’ joke
- 1 British tourists 'murdered' in Thailand: Pair's bloodied bodies found naked on Koh Tao beach
- 2 Vivienne Westwood says 'Yes' to Scottish Independence by declaring: 'I hate England'
- 3 Welcome to Cameroon, where drinking Baileys can lead to imprisonment
- 4 Lego breaks out of the toy box and heads for the gallery
- 5 Vogue under fire for 'Big Booty' article
£400000 Per Annum: The Green Recruitment Company: Job Title: Energy Markets An...
£30000 - £35000 Per Annum Plus excellent benefits: Clearwater People Solutions...
£22000 - £23000 per annum: Randstad Education Bristol: We are currently recrui...
£35000 - £40000 Per Annum: Clearwater People Solutions Ltd: We are currently r...