Now a part of the Fiat group, Ferrari is one of the most expensive high-performance cars in the world. Founded by Enzo Ferrari in 1929, as Scuderia Ferrari, the company initially sponsored drivers and manufactured race cars before moving into production of street-legal vehicles after World War II. The brand has had major success on the racing circuit in Formula One, and Ferraris are widely seen as one of the ultimate status symbols.


Supercar dealerships in China enjoyed a bonanza of sales on Wednesday evening ahead of a new 10 per cent levy which took effect at midnight. Photo: Bruce Yan

China’s supercars hit by 10pc additional tax

China has imposed an additional 10 per cent tax on “ultra premium cars” costing over 1.3 million yuan in the latest attempt to crack down ostentatious spending and emissions, authorities said.