Italian sports car maker Ferrari SpA is to launch in India within six months, the Times of India reported yesterday, as global luxury brands increasingly focus on the country as an essential market.
Porsche, Lamborghini and Bugatti are already present in India, where the rapidly developing economy has created enormous wealth among the urban elite.
India’s number of millionaires grew by 51 percent to 126,700 last year, according to US investment bank Merrill Lynch and consultant Capgemini.
“Ferrari will enter the Indian market in the first half of 2011. India will be the 58th market in the world where Ferrari will be present,” Valeria Costa, communications director for Ferrari, told the Times.
Ferrari is owned by the Fiat SpA, but Costa said the cars would not be sold by Fiat’s Indian partner, Tata Motors Ltd, and would be imported directly instead.
Import duties on the cars are expected to be as high as 110 per cent.
Among those who already own a Ferrari in India is superstar cricketer Sachin Tendulkar, who drives a 360 Modena model given to him in 2003. He was reported to have been exempted from paying import duty.
India continues to suffer from heavily congested and badly potholed roads despite its recent economic development.
The latest WHO tion figures show at least 105,000 people die in road accidents in the country each year.
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