Hold Your Bullocks, Ferrari Is Coming

Ferrari has announced that they will soon open 6 showrooms in India by 2010. There are about 36 Ferrari cars plying in India which were sold through Ferrari’s Singapore hub. Ferrari has five models which range between $276,280 on the lower side to $ 363,120 at the upper end.

Ferrari recently - and rather bravely - sent out two reinforced 612 Scaglietti super cars to tour the sub-continent’s potholed highways to showcase the marque. The car will be driving across 57 cities of India in 64 days. About 13,000 km will be covered during this tour.

“We had conducted such tours in countries like China earlier. India is a popular choice for us since sports car fanatics are no less here as well,” says Gabriel Lalli from Ferrari.

Incidentally, Fiat SpA, which holds 85% in Ferrari, has struck up a joint venture with Tata Motors in India which produces the Fiat Palio. Rattan Tata is definitely eying stake in Ferrari.

“I have two passions in my life, cars and aircraft. I have always dreamed of being able to be a fighter pilot. And I confirm the wish to participate in Ferrari’s shareholding,” Tata told L’Espresso in its latest issue.

The automotive industry alone directly and indirectly employs 13 million individuals in India, and by 2016 it would have employed 25 million people. The industry is valued at about US$ 35 billion contributing about 3.1% of India’s GDP (nominal). India’s cost-competitive auto components industry is the second largest in the world.

In luxury retail, the center of gravity is shifting to India. According to A. T. Kearney, the consultancy, India will spend about £2 billion on luxury goods this year -a number expected to hit £15 billion in 2015. India already has Rolls Royce showroom in Bombay; Harvey Nichols is also studying the market for move as it was confirmed last week.

These figures are not unbelievable- after all India sprouted 19 billionaires last year which rose to 54 this year. India’s billionaires are definitely splashing out on luxury.

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• India auto industry update (Part 1)
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