Life & Style | Motoring
Credit crisis fails to dampen luxury carmakers' spirits
The global econ-omic downturn and financial crunch has yet to dampen the spirits of luxury carmakers as they say people buying their exclusive custom-built cars in the Middle East do not belong to the category that seeks bank financing to own cars.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:45 December 18, 2008
Abu Dhabi: The global econ-omic downturn and financial crunch has yet to dampen the spirits of luxury carmakers as they say people buying their exclusive custom-built cars in the Middle East do not belong to the category that seeks bank financing to own cars.
Gulf News spoke to luxury car exhibitors at the ongoing Abu Dhabi Motor Show and they didn't seem flustered by the meltdown.
Italian automaker Ferrari said it is eyeing the UAE and the markets in the Middle East to expand sales, as did Maserati and Lamborghini.
"In general, there's an 18-month waiting list for our cars, depending on the model and market," said a senior Ferrari executive.
"We expect a higher increase in car sales in the Middle East because it's a fast-growing region," the executive added.
Ferrari's Grand Tourism car model - California - will enter the market for commercial sale early next year. The 8-cylinder car is priced at 179,000 euros (Dh841,300) in Italy.
Ferrari sold 275 cars in the Middle East in 2007, up from 213 in 2006. It delivered 106 cars to customers in the UAE in 2007, up from 68 cars in 2006. The top car in the Ferrari range is priced at 280,000 euros in Italy and the shipping costs are paid by car owners. Juliet Jarvis, public relations manager for Lamborghini for the Middle East, said their cars have a starting price of $300,000 (Dh1.1 million) and they have had a 50 per cent increase in sales so far this year in the region.
"We are an exclusive brand, which helps in our exposure. Despite the difficult financial climate, we expect to do well in 2009," said Jarvis. "As matters stand, it would take eight months to deliver all the cars on our order book," said a dealer for Lexus at the auto show. The top-end car of the Japanese carmaker sells for Dh350,000.
Regional Sales Director for German auto giant Mercedes-Benz, Frank Bernthaler, said he's cautiously optimistic for next year. Mercedes' top-end car Maybach is priced at Dh2 million.
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