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Ferrari to Start up Business in India in January 2011

30 September, 2010

Italy’s will start up business in at the start of next year as the luxury sportscar maker prepares to post close-to-record results for this year, Chairman Luca Cordero di Montezemolo said on Thursday.

“Despite the crisis we’ll close the year better than last year, close to record levels in terms of economic results,” Montezemolo said at the Ferrari stand at the Paris autoshow.

Asked about new markets, Montezemolo said the carmaker was currently present in 57 markets. “We’ll open in India in January 2011,” he said, adding the company was doing well in China.

Montezemolo reiterated recent comments by Chief Executive that there are no plans at the moment for a Ferrari listing.

Fiat currently owns 85 percent of Ferrari.

Asked about media reports he might be considering entering politics, Montezemolo said he was “ready to work a lot for the future of Ferrari”.

The Italian group is splitting its autos and industrial businesses in a move aimed at transforming the company into a global car player.

A sale of Fiat’s Alfa Romeo brand is not on the cards, Chief Executive Sergio Marchionne said, adding a bourse listing for the group’s Ferrari unit is a possible option but there were no plans for this at the moment.

Volkswagen’s chairman had on Wednesday expressed interest in buying Alfa Romeo.


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Ferrari to Start up Business in India in January 2011

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