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Ferrari drives in to tap desi luxury market - The Times of India
Ferrari drives in to tap desi luxury market
TIMES NEWS NETWORK, TNN | May 27, 2011, 06.45am IST
NEW DELHI: Italian sports carmaker Ferrari has come to India looking to tap the growing appetite of Indians for luxury cars. The company joins the league of other sports car brands in the country like Porsche, Aston Martin and fellow Fiat group company Maserati.
The company, part of Fiat's stable, will sell models like California, 458 Italia, 599GTB Fiorano and the latest FF, priced upwards of Rs 2 crore. Amedeo Felisa, chief executive officer of Ferrari, said, "India was coming up as an emerging market for luxury cars and Ferrari hopes to sell 100 cars in the next 2-3 years." TOI had first reported about Ferrari's India entry plans in November 2010.
The company, however, decided not to go with the Tata group for retail of its cars, something that has been done by its parent Fiat. Felisa said that discussions over the possibility were held with the Indian auto major, though later both decided against it. Shreyans Group, the official importer for Porsche and Maserati, will also be getting in Ferrari models to India.
Felisa said that the company expected a positive rub-off for the brand from the Indian Formula 1 Grand Prix that is slated for October this year.
But just as the company makes its official entry into the market now, its cars are already present in India as people imported the models. Tata Motors chairman Ratan Tata owns a Ferrari and other famous Indians to own the car include Sachin Tendulkar (who was gifted a Ferrari 360 Modena by Fiat when he equaled the late Don Bradman's tally of 29 Test centuries) and liquor baron Vijay Mallya.
The company opened its first dealership in the national capital and will follow this with a showroom in Mumbai later.
http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/ferrari-opens-first-showroom-in-india-showcases-all-major-madels/articleshow/8593741.cms
27 May, 2011, 01.42AM IST, Chanchal Pal Chauhan,ET Bureau
Ferrari opens first showroom in India; showcases all major madels
NEW DELHI: India has got its first Ferrari showroom. The Italian marquee sports car brand has opened its first dealership in Delhi to cash in on young and super rich Indians' increasing love for super luxury cars .
All major Ferrari models-California, 458 Italia, <a href='http://en.wikipedia.org/wiki/Ferrari_599_GTB_Fiorano'>599 GTB Fiorano</a> and the latest FF-are available and the prices range from Rs 2.27 crore for the California to Rs 3.41 crore for the FF, Ferrari's Indian distributor Shreyans Group said.
India is the 58th market for Ferrari and the entry comes seven yeas after the Prancing Horse marquee, owned by Fiat, drove into China. But it expects the country to emerge a big market.
"India has the potential to bring us great pack of passionate car loving customers who would love to drive these super machines," Ferrari SPA Chief Executive Amedeo Felisa said at the launch.
The country has emerged perhaps the hottest destination for super luxury carmakers, hanks to its rapidly increasing number of billionaires and their newfound urge to own private jets and yachts, and drive flashy handcrafted machines although most roads in the country are still potholed.
Aston Martin, <a href='http://en.wikipedia.org/wiki/Bugatti'>Bugatti</a> , Maserati and Koenigsegg have all driven into the country in recent months, extending the choices from the already available Rolls Royce, Bentley and Lamborghini <a href='http://en.wikipedia.org/wiki/Super_Cars'>super cars</a>.
India, the second-fastest growing car market after China, sold 15,702 luxury cars, including some 300 super-luxury machines, last year. This maket is growing at close to 60% rate.
Ferrari aims to sell more than 100 cars by 2014.
"Ferrari is synonymous with sports. There are huge enquiries and we are confident that we will be able to sell more than 100 cars in next three years," Shreyans Group Chairman Ashish Chordia said.
The company would open a second showroom in Mumbai early next year and add another three outlets by the end of 2012.
Ferrari had conducted a 'Magic India Discovery Drive' as a market test exercise in 2008 when it covered more than 13,000 km and touched 57 cities in 74 days.
The 458 Italia will be sold at Rs 2.56 crore (ex-showroom in Delhi), while the 599GTB Fiorano is priced Rs 3.37 crore.
Ferrari sold 6,500 cars in 2010 with the US accounting for about 30% sales, followed by Germany. In China, it sold about 300 cars in 12 dealerships.