India accounts for a minuscule portion of annual total sales of 20 – 25 units. Dieter Knechtel, CEO, (Far East and Middle-east), Ferrari believes that strengthening brand value is more important, which is a steady process but will ultimately pave the way for growth. The company is strongly focusing on smaller markets such as India.
The CEO in an interview commented that, “India is a very important market for us but the supercar segment is very small. Sales are a bit more than that (20 units per year) and we are growing every year. For me, it’s important that we are continuously represented in the best way possible. The growth can be slow, it doesn’t really matter as we are not chasing numbers at all. Although sales aren’t very high, every allocation we provide is sold easily ”.
However, Indian customers are more interested in buying top of the Ferrari line up models such as the 488 as compared to entry level cars like the California and the company is seeing a large interest for the 488 Pista and the 812 Superfast. At present, Select Cars in Delhi and Navnit Motors in Mumbai are managing the dealership and service centre in North and West respectively.
Mr. Knechtel further added “The California was one of the most successful models in Ferrari history. Perhaps India is bit more of a sportscar-minded market. Portofino offers even higher value and versatility than the California, so it could be an interesting car for India,” as the company plans to launch Portifino replacing the California soon.
To boost customer engagement and brand awareness, Ferrari recently organised a track day at the Madras Motor Race Track, Chennai. Knechtel added “Apart from attracting new customers, track activities also enhance the ownership experience, because once you buy a Ferrari, we want to make sure that you have a lot of fun with it ”. On the expansion front, the brand planning to open a service centre in South.