24.04.2004 Ferrari have set up a new joint venture company, which includes their Hong Kong importer, to distribute cars through a new chain of dealerships in China

Ferrari today announced that it has entered into a strategic alliance with Wo Kee Hong through its subsidiary Italian Motors, the sole agent for Ferrari and Maserati cars in Hong Kong , and Poly Technologies, a subsidiary of Poly Group, to set up an equity joint venture company in Mainland China.

The JV, named Ferrari Maserati Cars International Trading and in which Ferrari will hold a majority stake, will be the sole importer of Ferrari and Maserati cars in China, responsible for the marketing, sale to dealers, spare parts and accessories supply, and after-sale technical supports for both brands.

Ferrari, Wo Kee Hong and Poly Technologies will own 40%, 30% and 30% respectively in the JV. The three parties have mapped out detailed development plans for the first three years’ operations of the JV.

At the initial stage, they will set up a national dealership network with over 10 strategic locations in major cities in China, including Beijing, Shanghai, Nanjing, Dalian, Hangzhou, Chengdu, Congqing, Wuhan, Guangzhou and Shenzhen.

Ferrari Maserati Group has been present in China since 1993. With the entry into the World Trade Organization, China commits to relax import restrictions and reduce tariffs on motor cars. Due to this reason the Group decided to strengthen its direct presence in China, providing its customers with excellent quality, performance and service in the sale and maintenance of the cars.

In 2004, several events of Ferrari Maserati group are planned in China, in particular the opening of a new showroom in the center of Shanghai (June 6th) and the participation of Scuderia Ferrari in the F1 Grand Prix (September 26th).