Ferrari to Set Up Japanese Unit in July

Tokyo, Feb 22, 2008 (Jiji Press) - Italian sports car maker Ferrari SpA said Friday that it will launch a fully owned Japanese unit on July 1 to import its vehicles.

The subsidiary will be based in Tokyo, although other details are still to be decided, the company said.

Cornes & Co., the current official importer and distributor of Ferrari automobiles in Japan, will transfer its import business to Ferrari and become a sales agent. It will also offer after-sales services.

Ferrari aims to beef up its business and customer services by establishing the Japanese unit.

Sales of Ferrari automobiles in Japan rose 38.7 pct in 2007 to 376 units, accounting for 5.8 pct of worldwide sales.