SHANGHAI, April 11, 2013 /PRNewswire/ -- Weichai Power Co., Ltd. ("Weichai Power" or "the Company", HKSE: 2338, SZSE: 000338) and Scuderia Ferrari held a press conference in Shanghai on April 11, 2013 to announce that Weichai has become a sponsor of the legendary Italian Formula 1 team. The four-year sponsorship of the team began on February 1 this year. Under this alliance, Weichai and Scuderia Ferrari are expected to leverage their respective advantages and expand cooperation in more sectors to achieve a win-win situation.
As a leading industrial group in China, Weichai has actively tapped into overseas markets in recent years and achieved remarkable results with brand globalization. As a result of a series of M&A and corporate reorganizations, Weichai has now become a multinational company which operates branches and subsidiaries in America, Singapore, India, Russia, France, Italy, and Germany. On January 10, 2012, Weichai completed its acquisition of a 75% interest in Ferretti Group, the largest luxury yacht manufacturer in the world, and furthered Ferretti's strategic restructuring. And on September 3, Weichai signed a strategic cooperation agreement with KION, one of the world's leading manufacturers of industrial forklift and pallet trucks, and a global leader in hydraulic technology. The agreement represents a landmark transaction as the largest Chinese direct investment in Germany.
On February 1 this year, at the launch of the new F138 car for the 2013 F1 season held in Maranello, Italy, Scuderia Ferrari announced that Weichai has become the first Chinese industrial brand, as well as the first mainland Chinese company to sponsor the Scuderia Ferrari F1 team. Scuderia Ferrari greatly values Weichai's sustainable strength and influence in China, Ferrari's second largest market in 2012 for its range of GT cars. The sponsorship from Weichai will bolster the promotion of the F1 Grand Prix race and the Scuderia Ferrari brand in the China market.
In the area of brand cooperation, Scuderia Ferrari benefits from the influential brand of Weichai in boosting its own promotion in the China market, while Weichai in turn seeks to globalize its brand and enhance its overseas visibility through the Formula 1 racing platform.
Looking ahead, Mr. Tan Xuguang, Chairman and CEO of Weichai said that the sponsorship of Scuderia Ferrari is a very positive start, and that in future the two companies may cooperate to develop a number of cooperative projects to further enhance mutual benefits beyond brand cooperation.
About Weichai Power
Weichai Power Co., Ltd. (2338HK/000338SZ) is a leading automotive and equipment manufacturing group in China. It operates in three main business segments: power assembly (including engines, gear boxes and axles), commercial vehicles, and automobile electronics and parts, encompassing one of the most comprehensive product ranges in the industry. Weichai Power has the highest sales volume globally in high-speed heavy-duty engines and heavy-duty gearboxes. Its spark plug products enjoy the largest market share in China, and its heavy-duty axle products are considered as a top brand in China. The company also ranks No. 4 in heavy-duty trucks in China. The company was listed on Hong Kong Stock Exchange in 2004 and on Shenzhen Stock Exchange in 2007. In 2012, Weichai Power generated revenue of RMB 73.4 billion and a net profit of RMB 3.87 billion.
About Ferrari S.p.A.
Ferrari S.p.A. is a multinational Italian sports car manufacturer based in Maranello, Italy. Ferrari is founded by Enzo Ferrari in 1929. Ferrari manufactures F1 cars, race cars and sportscar. Most of the Ferrari cars are hand-made with an annual output of over 7,000 units. Scuderia Ferrari is the racing team division of the Ferrari automobile marque. It is the oldest surviving team in Grand Prix racing, and statistically the most successful F1 team in history with a record of 15 drivers' championships and 16 constructors' championships. Scuderia Ferrari will join the 2013 F1 Chinese Grand Pix held in Shanghai in April.
