China is Ferrari’s Second Largest Global Market
Published on August 3, 2011 by Tycho de Feijter
China has become Ferrari’s second largest global market, a not-so-surprising development in light of the global economic realities. The Italian automaker enjoyed strong growth in the first half of 2011, with global sales up 12 percent to a record 3,577 units between January and June. The company also saw sales revenue climb nearly 20 percent up to $1.5 billion.
Ferrari sales have vastly improved in markets like the Chinese mainland, Taiwan and Hong Kong, totaling 378 units in the first six months, up 116 percent from the same period last year.
China still trails the U.S, where 939 units were sold in 2010. Ferrari Chairman Luca di Montezemolo said the sales momentum would extend into the second half as the company recently began deliveries of its four-seater, four-wheel drive sports car, the Ferrari FF.
Edwin Fenech, president and chief executive officer of Ferrari China, said earlier that the company’s sales in China won’t be affected by the nation’s slower economic growth or Beijing’s new car restrictions.
According to Fenech, Ferrari will participate in 25 motor shows in China this year, more than double from last year. The carmaker also signed an agreement to set up a Ferrari Museum in the Italian Pavilion of Shanghai Expo — the largest investment made by Ferrari outside Italy.