Ferraris 'art, not luxury', China anti-luxury drive needn't apply: carmaker

The chairman of Ferrari says the campaign of President Xi Jinping to curb displays of wealth by the country's elite should not apply to purchases of the company's cars.

"A Ferrari is not a luxury product. To buy Ferrari is to obtain a piece of art, a piece of technology," the chairman of the Italian carmaker, Luca Montezemolo, told the South China Morning Post yesterday.

In its latest financial results, the company reported a significant slowdown on the mainland and in Hong Kong and Taiwan in the first six months of the year, selling under 350 cars - 50 fewer than last year.

Despite Ferrari's decision to cut production to below 7,000 units worldwide this year in a bid to protect the value of the brand, it saw a slight increase in sales in most of its key markets, the United States and Europe.

A company spokeswoman said it was too early to predict whether the carmaker would meet its goal of selling nearly 800 units on the mainland and in Hong Kong and Taiwan this year.

Montezemolo said his company's strategy on the mainland was to expand its coverage by opening more dealerships. "Our brand awareness is increasing in China. The number of cars available for sale is fewer than demand," he said.