Formula One motor-racing team Renault has agreed a sponsorship deal with business-to-consumer retail marketplace Tmall, which is owned by Chinese e-commerce company Alibaba.
The agreement will cover the 2018 F1 season, which gets underway in Melbourne, Australia next month.
Tmall’s logo will benefit from prominent exposure on Renault’s cars as part of the agreement. Renault said that further details surrounding the partnership would be revealed in March.
The team noted that China represents a strategic market for Groupe Renault, with the country having been earmarked as the top priority for the company’s new mid-term plan, Drive the Future. The Dongfeng Renault Automotive Company joint venture has targeted 400,000 passenger car sales by 2022 based on nine local models.
Cyril Abiteboul, managing director of Renault Sport Racing, said: “One of the key objectives of returning to Formula One was to leverage its global platform for Groupe Renault. China has been identified as a market of strategic importance and partnering with high-profile companies like Alibaba’s Tmall will provide opportunities to significantly improve Renault brand awareness and opinion in China, with a strong presence over the Chinese Grand Prix in April, but also throughout the year.”