Ferrari expects China to become one of its top five global markets in five years due to the growing ranks of wealthy Chinese, a senior company official has said.

Ferrari aims to sell roughly 600 units in China per year over three years, Marco Mattiacci, its Asia Pacific chief executive officer, told Reuters in an interview.

China is currently in the top 10. Ferrari has sold around 650 cars there since it entered the market five years ago, Mattiacci told Reuters at a company event to unveil the 599 GTB Fiorano model.

Porsche unveiled its Panamera grand tourer on the eve of the Shanghai auto show in April, demonstrating the significance of the Chinese market.

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