Hoping to boost its presence in China, Italian company Ferrari SpA on Friday said it had agreed to a joint venture with two local partners to export the company’s luxury sports-cars to the Asian country.
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According to Associated Press (AP), Ferrari, which is controlled by Fiat SpA, has agreed with Wo Kee Hong (Holdings) Ltd. and Poly Technologies to form the joint venture which will have the exclusive right to import Ferrari and Maserati vehicles, take charge of marketing them, and offer parts and technical assistance.
Ferrari, which has been present in China since 1993, reportedly said it expected customs duties on automotive imports would steadily drop and wanted to boost its presence there.
Ferrari will have a 40% stake in the joint venture, with Wo Kee Hong and Poly Technologies each owning 30%, AP said.
The venture, Ferrari Maserati Cars International Trading, intends to open a national network of sales points and authorised mechanics in more than 10 of China’s largest cities, the report added.
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