Ferrari returns to India with $512,500 California T, new dealers

Mumbai: Ferrari SpA will open two new dealerships and introduce its California T model in the supercar maker’s return to India following a debut in the country four years ago that eventually stalled.

Ferrari will add outlets in Mumbai and New Delhi this year, Aurelien Sauvard, sales coordinator for the brand in the Middle East and Africa, said at a press conference in Mumbai. It’s offering the two-door, four-seat California T hard-top convertible starting at Rs.3.4 crore ($512,500), said Sharad Kachalia, the head of the Navnit Motors dealership in the city.

The Italian manufacturer, which is being spun off from Fiat Chrysler Automobiles NV, is renewing its Indian market push after terminating earlier dealerships by last year for reasons including dissatisfaction with service levels. The supercar producer is rejoining competitors Aston Martin, Fiat Chrysler’s Maserati and Volkswagen AG’s Lamborghini in wooing buyers in India, which is estimated to have Asia’s fastest-growing population of ultra-high net-worth individuals.

“India has unfortunately not had the explosion in sales that high-end manufacturers were predicting five to 10 years ago,” Sauvard said. “We’re quite optimistic now that, as our cars come on the road and we increase awareness of the brand, sales will increase.”

The number of people with net assets of at least $30 million rose 9.5% in India to 8,595 last year, according to the Wealth-X and UBS World Ultra Wealth Report 2014. The country has the third-highest population of such wealthy people in Asia, trailing Japan and China, the report shows.

Maserati said last month that it’s re-entering India with plans to open three dealerships and a goal of annual sales in the “two-digit range.”

Ferrari’s showroom in Mumbai will open in October, Kachalia said. The has already delivered two California Ts in the city.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.