Despite small size, India is important market for Ferrari: Dieter Knechtel

As Italian luxury car maker Ferrari celebrates its 70th anniversary in Mumbai, the company's CEO for Far East & Middle-East region, Dieter Knechtel, spoke with DNA Money on Wednesday about company's plans in the country, market outlook, rush towards electric vehicles, among other things.

How important is Indian market for Ferrari and how does it see the future ahead in the country where the demand for luxury cars is minuscule?

India is a very important market for us despite its small size in terms of demand; the number of car enthusiasts is increasing. Though the sales numbers may be very small at present, we are investing here for future as the market is set to grow. Further, there are certain challenges that need to get sorted, especially the regulatory ones which need to be seen in new light. I am sure that this will happen over time and improve the market here.

Indian automotive market is witnessing changes as things are evolving fast like the current rush towards electric vehicles (EV). What is your take on this?

The progress in the EVs and autonomous moving vehicles will take some time due to certain infrastructure and regulatory constraints. It is first likely to happen in the developed markets like Europe and even China. But what is most important is that there needs to be a direction and this is what is happening right now in the Indian market. We are moving in the right direction.

What about your plans to start Ferrari training school in India?

Driving education is an important part of our strategy so that customers learn the correct and safe way of driving. It is in plans and we are working on it so that it gets rolled out by next year.

How is the 70th anniversary being celebrated by Ferrari in India?

As per the plan, a leisure drive has been organised into the heart of Mumbai city and will be filled with memorable moments similar to how it is being organised in other parts of the world. The drive will culminate at the High Street Phoenix Courtyard. Our 70th anniversary is a great milestone for us and we look forward with renewed hope and confidence in the company's ability to produce cars that inspire the dreams of millions of people worldwide.