Ferrari in Venture With Chinese Partners

MILAN, Italy April 23, 2004; The AP reported that Italian company Ferrari SpA said Friday it had agreed to a joint venture with two local partners to export the company's luxury sports-cars to the Asian country.

Ferrari, which is controlled by Fiat SpA, agreed with Wo Kee Hong (Holdings) Ltd. and Poly Technologies to form the joint venture. The venture will have the exclusive right to import Ferrari and Maserati vehicles, take charge in marketing them, and offering parts and technical assistance.

Ferrari, which has been present in China since 1993, said it expected customs duties on automotive imports would steadily drop and wanted to boost its presence there.

Ferrari will have a 40 percent stake in the joint venture, with Wo Kee Hong and Poly Technologies each owning a 30 percent stake.

The venture, Ferrari Maserati Cars International Trading, intends to open a national network of sales points and authorized mechanics in more than 10 of China's largest cities.