Finnish team mate Kimi Raikkonen, who started on pole for the first time in nine years but lost the lead in the pitstops, made sure of a Ferrari one-two with Hamilton finishing seventh for Mercedes after starting 13th.
Perez, who started eighth on the grid, finished ninth after being passed by Kevin Magnussen towards the end of the 56-lap race.
Formula One teams face a stiff hike in entry fees for next year's championship with the winning constructor having to pay $6,000 for every point scored this season as well as a basic charge of $500,000.
Germany's Audi has no plans to enter Formula One, the company said on Monday.
Quadruple Formula One world champion Sebastian Vettel went for five on Friday with the German choosing to have that numeral on his car when he is eventually deposed as number one.
Ferrari have compared the disappearance of leading manufacturers from Formula One to an Agatha Christie murder mystery, with the finger of guilt pointed at former FIA president Max Mosley.
Sainz took the first pole position of his Formula One career in a wet qualifying for the British Grand Prix
Fernando Alonso put Ferrari on pole position for their home Italian Grand Prix on Saturday to end a Formula One drought extending back to the end of 2008.
Fernando Alonso agreed to join Ferrari some months ago, the ecstatic Spaniard said on Wednesday after his three-year deal was announced.
The old men of Formula One were first and last in opening European Grand Prix practice on Friday with Rubens Barrichello quickest while Ferrari stand-in Luca Badoer was a second slower than anyone else. Badoer, the 38-year-old Italian preparing for his first start in a decade after Brazilian Felipe Massa was seriously injured in Hungary, was watched by retired seven-times champion Michael Schumacher.
Max Verstappen became the first Formula One driver to take 16 victories in a season
Fernando Alonso delighted his legions of Spanish Formula One fans on Wednesday with the quickest time in testing on an emotional debut for Ferrari. The double world champion, who was cheered on by an astonishing 36,000-strong weekday crowd at Valencia's Ricardo Tormo circuit, played down suggestions of being the early favourite in the title race, however.
Verstappen struggled for grip through qualifying but it all came together in his last effort
Michael Schumacher was taken by surprise on Sunday after ending up on the Formula One podium for the first time in nearly six years.
Brazilian Felipe Massa put Ferrari on pole position for the French Grand Prix on Saturday.
Formula One champions Ferrari will reveal their 2008 cars in a low-key presentation in Maranello on Sunday.
Michael Schumacher sauntered back into the Formula One limelight in Mercedes overalls on Monday to kick off his bid for a record eighth title at the ripe old age of 41. Returning to centre stage three years after he retired, the former Ferrari driver looked trim and relaxed as he appeared alongside fellow-German Nico Rosberg at a presentation of the Mercedes GP team.
Formula One world champion Sebastian Vettel has no agreement with Ferrari and will be staying at Red Bull for years to come, team boss Christian Horner said on Tuesday.
Formula One champions Ferrari could replace stand-in driver Luca Badoer if the Italian does not raise his game significantly in Belgium next weekend.
Formula One was accused of sending out a mixed message on alcohol at the Monaco Grand Prix on Friday by giving extensive publicity to drinks brands while campaigning for road safety.
Can Mercedes' seven-time world champion Lewis Hamilton add to his record tally of 103 victories?
F1 CEO and chairman Chase Carey reiterated that Asia is a "tremendously" important region for the sport and India figures in their scheme of things for the future, if not now, with the calendar already packed till next year.
The seven-time world champions says he is happy with his start to the Formula One season and expects Ferrari to be even quicker in Australia next week.
Ferrari moved to placate angry Indian authorities on Saturday with an assurance that a navy flag on their Formula One cars was not a political statement of support for Italian sailors detained for killing local fishermen.
Former Ferrari driver and Formula One ace Kimi Raikkonen has blasted the drivers' championship as boring and riddled with politics.
Formula One champions Ferrari experienced their worst start to a season in 17 years when a risky gamble backfired at Sunday's Australian Grand Prix. The Italian team were left searching for answers after failing to score a single point in the opening race of the championship for the first time since the South African Grand Prix in 1992.
Struggling smaller F1 teams like Sauber and Force India have long argued that the distribution is skewed in favour of leading manufacturers, who receive special payments regardless of how they perform on the track.
Ferrari are closer to Mercedes than results have suggested in this season's two races and look like posing a real challenge, according to Formula One world championship leader Nico Rosberg.
Max Verstappen won the Spanish Grand Prix from pole position to stretch his Formula One championship lead to 53 points.
Ferrari's 2011 Formula One car will be unveiled at the end of January after passing a series of mandatory crash tests last month, the Italian team said.
Michael Schumacher can become the first driver to win the same Grand Prix eight times, if he wins Sunday's French GP.
Ferrari kept Brazilian Rubens Barrichello off the track for Saturday's opening practice at the Bahrain Grand Prix after having to rebuild his new car's gearbox.
Formula One champions Ferrari would be prepared to supply engines to whoever takes over the Honda team but nothing has been agreed so far, a spokesman said on Tuesday. The Brackley-based team, run by former Ferrari technical director Ross Brawn and chief executive Nick Fry, have said several 'global players' are interested without identifying any of them.
Max Verstappen's sensational first Formula One victory, at just 18 years of age, had former champions and grandees of the sport casting around for superlatives at the Spanish Grand Prix on Sunday.
Fernando Alonso indicated his Formula One future was in his own hands despite Red Bull announcing on Saturday that four time world champion Sebastian Vettel was leaving to join Ferrari.
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