Ferrari Expects Sales Growth in China Thanks to New Electric Supercar - Bloomberg
Kyiv • UNN
Ferrari expects sales in China to increase with the launch of the Elettrica EV, which is taxed at a lower rate than cars with 12-cylinder engines. Ferrari sales in China fell by 25%.
Ferrari expects sales to grow in China after the presentation of its first fully electric supercar. This is reported by Bloomberg, reports UNN.
Details
According to reports, the Elettrica EV, which Ferrari will present in October, is expected to be taxed in China at a complex rate of about 30% of the recommended retail price.
The automaker's models equipped with its 12-cylinder engines are subject to a combined import, consumption and value-added tax that is almost four times that rate.
As CEO Benedetto Vigna noted, one of the cars Ferrari will release this year will be a "better fit" for the Greater China region.
"This will improve the picture," he said.
Overall, Ferrari's sales in China have slowed due to weak demand for luxury cars. Ferrari's deliveries to the Greater China region fell by 25% in the first quarter to their lowest level in nearly four years.
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China's luxury car market shrank in 2024 due to the economic downturn in the country and weakening consumer sentiment. For the segment starting at 500,000 yuan ($69,200), volumes were stable at around 850,000 units between 2020 and 2023.
But last year, that number fell by about 20% to about 677,000, according to data from Shanghai-based automotive consulting firm Thinkercar.
It is reported that Ferrari is less vulnerable to China than many of its Western counterparts, keeping its share at about 10% of global deliveries.
However, the company may revise this strategy as it enters the electric vehicle segment more actively.
According to media reports, China restricted the supply of fuel-intensive internal combustion engine vehicles even before Trump stepped up tensions in global trade. Imported vehicles with engines larger than four liters are subject to a 15% import duty, a 40% consumption tax and a VAT of at least 13% in China.
China exempts electric vehicles from consumption tax. The largest sales market for Ferrari is the United States, where the company plans to raise prices on some cars due to tariffs imposed by Trump.
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