Ferrari doubles car sales in Taiwan thanks to rising private wealth – Agenzia Nova

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© Agenzia Nova – Reproduction reserved

Sales of the Ferrari car brand a Taiwan have doubled in the past four years, supported by the growing wealth of chip and semiconductor firms and the return of capital from diversifying supply chains.

The CEO of Ferrari, Benedict Vigna, said demand in Taiwan is growing faster than in China or Hong Kong due to a sharp increase in car sales to Taiwan’s increasingly wealthy citizens. “China is growing but less than Taiwan,” Vigna told the Financial Times newspaper, adding: “In Taiwan there are more entrepreneurs and the chip industry is booming.”

Ferrari reported record annual earnings last month. And although most of his earnings come from Europe and the United States, the automaker reported that shipments to mainland China and Taiwan rose from 5 percent of the total in 2020 to nearly 11 percent in 2023. Ferrari is capitalizing on a surge in private wealth that has made Taiwan fifth place in the world, partly thanks to the strong expansion of the semiconductor sector.

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© Agenzia Nova – Reproduction reserved

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