MARANELLO, Italy - In a move that unites two renowned global brands, Ferrari (NYSE:RACE) and HP Inc (NYSE:HPQ). have announced a multi-year title partnership. This collaboration will see the integration of HP's advanced technology and services with Ferrari's racing teams, including the Scuderia Ferrari Formula 1 team, the Scuderia Ferrari Esports team, and the Scuderia Ferrari Driver Academy.
The partnership, which was unveiled today, will result in the Scuderia Ferrari racing team being renamed to Scuderia Ferrari HP. The new team identity will be showcased at the upcoming Miami Grand Prix, taking place from May 3-5, where the HP logo will adorn the Maranello F1 cars for the first time.
HP's technology, including adaptive PCs, collaboration products, and printing capabilities, is expected to enhance the racing teams' training and strategic decision-making both on and off the track. The alliance also aims to drive sustainable innovation and expand educational initiatives within their communities.
According to Ferrari CEO Benedetto Vigna, the partnership with HP aligns with Ferrari's continuous pursuit of progress and commitment to a sustainable future. Enrique Lores, CEO of HP Inc., echoed this sentiment, emphasizing the synergy between the two companies' heritage and their joint vision for driving business growth and creating a lasting impact.
The collaboration extends to the Scuderia Ferrari Esports team and the Scuderia Ferrari car driven by Maya Weug in the all-female F1 Academy series. Both will compete under the new Scuderia Ferrari HP brand identity.
As part of the announcement, representatives from both Ferrari and HP will attend the livery reveal at the Miami Grand Prix, marking the beginning of a partnership that promises to combine the realms of technology and motorsport for enhanced performance and innovation.
This news article is based on a press release statement from HP Inc.
InvestingPro Insights
As HP Inc. (NYSE: HPQ) embarks on a strategic partnership with Ferrari, the company's financial health and market performance become even more pertinent to investors and racing enthusiasts alike. Here are some insights based on real-time data and InvestingPro Tips:
InvestingPro Data shows that HPQ has a market capitalization of $27.07 billion and is trading at a P/E ratio of 8.08, which adjusts to a lower 6.73 based on earnings for the last twelve months as of Q1 2024. This indicates that the company is trading at a low price relative to its near-term earnings growth. Moreover, HPQ's dividend yield as of the latest data stands at 3.98%, showcasing the company's commitment to returning value to shareholders.
Two InvestingPro Tips worth highlighting are that HPQ has raised its dividend for 7 consecutive years and has maintained dividend payments for an impressive 54 consecutive years, reflecting a strong and consistent approach to shareholder returns. Additionally, HPQ is recognized as a prominent player in the Technology Hardware, Storage & Peripherals industry, which is likely to be a key factor in its partnership with Ferrari, as the integration of advanced technology plays a critical role in the competitive world of motorsports.
For investors interested in a deeper dive into HP Inc.'s performance and strategic positioning, there are additional InvestingPro Tips available on the platform. By using the exclusive coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking valuable insights that could inform investment decisions. There are 10 more InvestingPro Tips listed for HP Inc., which can be accessed at https://www.investing.com/pro/HPQ.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.