Italy's Fiat has no plans to list Ferrari | autos | Hindustan Times
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Italy's Fiat has no plans to list Ferrari

autos Updated: Jan 14, 2011 15:14 IST
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Fiat SpA does not have plans to list Ferrari, Ferrari's chief executive said on Friday adding that the luxury sports carmaker will look to keep up its 2010 growth rate this year.

Fiat, which is looking to increase its stake in Chrysler, said previously it is considering an initial public offering of Ferrari as a strategic option.

"The CEO of Fiat group was saying he has no real plans to list Ferrari," chief executive Amedeo Felisa, in Shanghai celebrating its 999th Ferrari owner in China, told Reuters.

Ferrari, known for its flashy luxury sportscars, said recently it sold about 300 cars in China in 2010, a 50 percent increase over 2009.

Felisa said he aims to rev up China sales, hoping to groom it into Ferrari's second-largest market after the United States.

"The idea is that in two or three years maximum to reach 600 cars," Felisa told a news conference. Ferrari currently sells around 1200 cars in the United States annually.

Felisa also said Ferrari will keep up its 2010 growth pace in 2011.

"If you look at 2010 numbers, it was more or less 100 cars more than 2009. I think we will be able to continue in that way, with that level," he said.

Rising incomes and increased urbanization are driving Chinese citizens to accumulate luxury items as status symbols.

Luxury apparel and goods brands are rushing to expand their presence in China to capitalise on the rising tide.

Felisa said China differs from other markets because its owners are younger with an average age below 30.

Johnson Zhang, the owner of the 999th Ferrari in China, appeared to be in his early thirties and is a self-professed book lover and car enthusiast. He is an entrepreneur in the biotechnology space.