As Italian company prepares to launch new model, it counts on costly Formula One sponsorship to help lure buyers

MILAN—In the world of elite sports car manufacturing, it is an article of faith that victory on the racetrack translates into sales in the showroom. “Win on Sunday, sell on Monday,” goes the old saw.

So for Italian sports car maker Ferrari NV, the end of a decadeslong losing streak on Formula One racetracks is a great relief, more so as it comes just when the company—the biggest spender on Formula One racing—is stretching its brand...

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