Japan is quickly becoming Ferrari’s next growth market, as sales here last quarter doubled those in the US, while demand continues to drop in China.
During the last quarter of 2012 Ferrari sold 144 vehicles in Japan, up 40%, according to the Japan Automobile Importers Association. This is a clear sign that the Prime Minister’s strategic plan to revive spending in this market is working. Stock prices are also increasing at levels last seen in September 2008 and customers have become more confident regarding the economic outlook.
“The growth is very promising, and I think we can expect these super luxury brands to introduce more models that they hadn’t introduced to Japan before and to strengthen their dealership networks,” said Yoshiaki Kawano, analyst at IHS Automotive. “The optimism for an economic recovery is spreading.”
This month Ferrari opened in Japan a new after-service facility, to sustain growth in the region. During the fiscal year ended March, the automaker sold 558 units, up 46%. VW’s Lamborghini also saw its sales reach the highest level in the past 14 years, with 199 units sold.
“It seems like demand is coming back,” said Michiaki Ishida, a spokesman for the auto importers association. “Some people are reacting to Abenomics, so the trend may continue.”