Motor racing-Ferrari F1 team secure first Chinese sponsor

Thu Jan 31, 2013 10:36am GMT

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Jan 31 (Reuters) - The Ferrari Formula One team announced their first Chinese sponsor on Thursday, a maker of components for heavy industrial vehicles a world away from the glamour of the Italian company's supercars.

Ferrari said in a statement that the deal with Weichai Power would run to the end of the 2016 season.

China is a major market for Ferrari, who have had a presence there for more than 20 years. The team were overall runners-up in Formula One last season and are the only ones to have competed in every championship since 1950. (Reporting by Alan Baldwin, editing by Ed Osmond)