Project Panda Express

CHINA, which powered strong growth of Ferrari SpA in the first half of this year, has become the second biggest market for the iconic sports car maker.

Ferrari boosted global sales by 11.8 percent year on year to a record 3,577 units between January and June, according to its statement released yesterday. Sales revenue jumped 19.6 percent to 1.08 billion euros (US$1.5 billion).

Deliveries to Chinese mainland, Taiwan and Hong Kong totaled 378 units in the first six months, a significant surge of 116 percent from the same period of last year, the statement added.

The rally enabled China to replace Germany as Ferrari's second biggest market, trailing only the United States, which moved 939 units.

Ferrari Chairman Luca di Montezemolo attributed the car maker's buoyant sales worldwide to expanded presence in new markets and inspiring new products.

He estimated the growth momentum would extend to the second half as the company recently began delivering its first 4-seat, 4-wheel-drive sports sedan Ferrari FF.

Ferrari is among the world's super luxury car brands that enjoyed hefty growth in China. Hurun Report Inc, which publishes the China Rich List, said in April that the mainland is now home to 960,000 people with personal wealth over 10 million yuan (US$1.5 million), up almost 10 percent from a year ago.

Edwin Fenech, president and chief executive officer of Ferrari China, said earlier that their sales in China won't be affected by the nation's slower economic growth or Beijing's new car restrictions.

"There is growing interest for our brand because all our effort to bring value and understanding of our brand is working," he said.

According to Fenech, Ferrari will participate in 25 motor shows in China this year, more than double from last year. The car maker 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.

Source: http://www.shanghaidaily.com/article/?id=478329&type=Business