Ferrari has brought a new sponsor into F1 with the signing of a four-year deal with Weichai Power, one of China's leading manufacturer of heavy powertrain system and machinery vehicles.
Even though Ferrari has sold cars into the Chinese market for twenty years, Weichai Power is Ferrari's first sponsor to come from that country. China is now one of the marque's main markets for sales of its road cars.
The deal will last through to the end of the 2016 season the team said in a press release on Thursday morning.
Fellow Italian F1 team Toro Rosso also announced a new sponsorship deal this week, with confirmation that it is to extend an existing arrangement with Canadian company NOVA Chemicals into 2013, making it three years of partnership between them.
"We are delighted that NOVA Chemicals will be with us for another season," said Franz Tost, the team principal of Toro Rosso.
"Continuity is a vital component for success in F1 and that is as true on the commercial front as it is on the technical side," Tost added. "We look forward to a successful and exciting season together."
NOVA Chemicals' CEO, Randy Woelfel said that he was happy to be renewing the deal between the two companies, pointing out that they shared the same corporate values of focused effort, collaborative teams, straightforward communication and responsible people.
"NOVA Chemicals, along with Toro Rosso, is committed to being a leader," said Woelfel. "Our shared values and drive to outperform the competition make Toro Rosso the right platform to help us expand our brand recognition beyond North America."
In addition, Sauber F1 has announced a new technical partnership with motor racing equipment provider OMP to supply the Swiss squad with racing gear and additional accessories, including innovative racing suits and underwear, shoes and gloves.
OMP will also provide the safety harnesses for the Sauber C32 made from Dyneema®, an extremely lightweight synthetic fibre that will reduce the weight of the harnesses by up to 40 per cent.
"OMP is a brand that has established itself in motor racing over many years," said Monisha Kaltenborn, Sauber F1 CEO. "For us the safety of our drivers and mechanics is paramount, which is why we very much welcome a leading partner in this field.”