China Is Now Ferrari's Second Largest Global Market

Just the Facts:

• China has become the second largest global market for Ferrari, which enjoyed strong growth in the first half.
• Deliveries of new Ferraris to the Chinese mainland, Taiwan and Hong Kong totaled 378 units in the first six months, a surge of 116 percent from the same period last year.
• China now trails only the United States, which moved 939 new Ferraris in the first half.

SHANGHAI, China — China has become the second largest global market for Ferrari, which enjoyed strong growth in the first half.

Ferrari boosted global sales by nearly 12 percent, to a record 3,577 units between January and June, the company said, with sales revenue climbing nearly 20 percent to $1.5 billion.

Asia played a significant role in that year-on-year growth. Ferrari said deliveries to the Chinese mainland, Taiwan and Hong Kong totaled 378 units in the first six months, a surge of 116 percent from the same period last year.

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

Ferrari Chairman Luca di Montezemolo attributed the carmaker's buoyant sales worldwide to expanded presence in new markets and inspiring new products. He said the sales momentum would extend to the second half as the company recently began delivering its first four-seat, four-wheel-drive sport coupe, 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.

Inside Line says: Ferrari is among the world's ultra-luxury car brands enjoying heady growth in China. Hurun Report, 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 (about $1.5 million), up nearly 10 percent from a year ago.