INDIA: Ferrari looking to lure urban elite

By just-auto.com editorial team | 29 November 2010

Ferrari is to launch in India within six months according to a report in The Times of India, further evidence that global luxury brands are increasingly focusing on the country.

Porsche, Lamborghini and Bugatti are already present in India, where the rapidly-developing economy has created enormous wealth among the urban elite.

The number of millionaires in India grew by 51% to 126,700 in 2009, according to US investment bank Merrill Lynch and consultants Capgemini. Valeria Costa, communications director for Ferrari, told the Times that the supercar maker will enter the Indian market in the first half of 2011.

Costa added that the cars will be imported directly and not sold by Fiat's Indian partner, Tata Motors. Import duties on the cars are expected to be as high as 110%.

However, Agence France Presse notes that India continues to suffer from heavily congested and badly potholed roads despite its recent economic development. At least 105,000 people die in road accidents in the country each year, according to the latest World Health Organisation figures.