Weichai has been keen to build its brand over the past 60 years and has made breakthroughs in product innovation in particular in the past decade, he added.

"Its ever-increasing levels of internationalism make its tie-up with Ferrari natural," he said.

Weichai Power, which is headquartered in Weifang and part of the Shandong Heavy Industry Group, has been active in overseas markets.

In 2012, it paid 738 million euros ($928 million) for a 25 percent stake in German forklift truck maker Kion Group GmbH and a 70 percent stake in its hydraulics subsidiary.