Fiat's subsidiary Ferrari intends to extend its dealer network in China from 10 to 15 stores by the end of 2013. This move is made to meet the demand in the country, which is the biggest market in the world. China is also where the sales of the automaker increased by 66% to 777 units in 2011, according to an Automotive News Europe that cited Ferrari China Chief Edwin Fenech. Including mainland China, Hong Kong and Taiwan, the Greater China was the automaker's second biggest market in 2011 next to the United States.
The company achieved sales of 1,957 vehicles in the U.S. in 2011, an increase of 8% from a year before. Last year, the Fiat subsidiary achieved record sales of 7,195 units, an increase of 9.5% from 2010. Due to import duties, the gas-guzzler tax and the local sales taxes in China, customers in the country pay 130% more for their Ferrari units compared to the Europeans.
This means that a Ferrari costing 200,000 euros in Italy would cost the equivalent of 460,000 euros in Chinese yuan. The duties and taxes led Chinese purchasers to predominately buy V-8 variants of the California roadster and the 458 Italia coupe, Fenech disclosed.