Category: Italy

By on May 3, 2016

sergio-marchionne

Sergio Marchionne added another CEO title to his résumé yesterday, taking control of Ferrari, where the Fiat-Chrysler head already served as chairman.

He replaces former CEO Amedeo Felisa, who retired after 26 years with the company. Felisa remains on the independent automaker’s board of directors, where he will serve as a technical advisor.

Marchionne now has full control of the company he spun off from Fiat Chrysler Automobiles at the beginning of the year. Two years ago, he succeeded former chairman Luca di Montezemolo, who stepped down in protest of Marchionne’s plans for the brand’s future. Read More >

By on December 28, 2015

SCMP   28JAN13  CH SMOG

Milan has banned cars in the city limits for six hours each day for the next three days, and Rome has limited car access via odd/even restrictions, all to reduce smog in those cities. This might sound familiar, as Paris did the same thing for a day this past summer as an experiment, and Beijing and Delhi have been banning cars this month too.

Cars aren’t the only scapegoat, however. According to the BBC, a town has banned wood-fired pizza ovens that aren’t equipped with a particulate filter.

(I’m waiting for the bombshell: Papa John’s gets hit by massive fine after emissions defeat device is discovered on a pizza oven.)

Read More >

By on November 4, 2015

150624_Alfa-romeo_Giulia-Reveal_01

Alfa Romeo will delay two models critical to that brand’s comeback and will likely miss its ambitious sales target of 400,000 cars by 2018, according to Automotive News.

Fiat Chrysler Automobiles CEO Sergio Marchionne said a weakened market in China forced the brand to reassess its sales target, which he initially set in 2014.

“I still think that Alfa belongs in China,” Marchionne said last week during the company’s announced third quarter earnings call, according to the Detroit Free Press. “The expectations of volumes out of the total pool of 400,000 cars by (2018) are, I think, given current market conditions, not achievable.” Read More >

By on October 21, 2015

Sergio Marchionne - FCA

Fiat Chrysler Automobiles chief Sergio Marchionne rang the opening bell Wednesday for Ferrari’s first day of trading on the New York Stock Exchange and shares of the supercar maker soared.

The stock, which was up as high as $60 per share, leveled off around $57 in mid-day trading.

“This is not really a car, it’s a unique expression of art and technology,” Marchionne told Bloomberg.

Read More >

By on October 20, 2015

Trading Places

According to The Truth About Cars’ stock exchange bureau chief, Ferrari is good and Tesla is bad today.*

Tesla shares have dropped 10 percent on news today that Consumer Reports would pull its “Recommended” rating from the Model S because of concerns about the car’s reliability. That’s bad.

Also, initial shares of supercar-maker Ferrari may be going for more than expected due to the stock’s appeal on office walls and potential value people may find in owning another Ferrari-branded item beyond overpriced shirts.  Read More >

By on October 12, 2015

Apple iOS in a Car + Ferrari LaFerrari

Fiat Chrysler Automobiles on Monday finally priced its initial price offering for Ferrari at $48 and $52 per share for 10 percent of the luxury carmaker when its stock goes sale, the Detroit News reported. The pricing values Ferrari at roughly $9.8 billion — less than the $12 billion reported last week — and analysts say the interest in the stock, which will trade under the symbol RACE, is roughly 10 times higher than available shares.

The IPO is part of FCA’s long-term strategy to raise cash for investment in its own vehicles in Jeep, Dodge, Fiat, Chrysler and Maserati brands. According to paperwork filed ahead of the IPO, 10 percent of the company will remain with Ferrari scion Piero, 80 percent will be distributed among Fiat family ownership.

Read More >

By on October 9, 2015

Ferrari-488-GTB-8

The supercar maker may be valued at more than $12.4 billion ahead of its initial public offering, which could happen as early as Friday, Bloomberg (via Automotive News) reported.

Ferrari may price its shares Friday night when it offers 10 percent of the Maranello-based automaker to the public. The remaining ownership of the carmaker will remain largely with the same ownership group, comprised mostly of the Agnelli family and Piero Lardi Ferrari.

Fiat Chrysler Automobiles CEO Sergio Marchionne said in July that Ferrari would be worth roughly $11 billion, which analysts balked at being a little ambitious. Since then, Ferrari’s value may have climbed as Marchionne told investors that Ferrari wasn’t necessarily an automaker, but rather a luxury brand that could be more profitable than a traditional carmaker.

Read More >

By on October 2, 2015

BMW X3
German transportation authorities said Friday that Volkswagen can’t phone a friend for help, they’re on their own.

“At this point we have no indication of other manufacturers being involved,” a government spokesman, said according to Reuters (via Automotive News Europe).

Being the only automaker embroiled in the scandal — for now — means that Volkswagen will have to face alone the wrath from governments tripping over themselves to charge the automaker with just about anything they want. In the U.S., Volkswagen faces a pending congressional inquiry; in France, prosecutors have opened an investigation for “aggravated deception;” in Italy, the government’s antitrust authority has begun an investigation; in Switzerland — you get the idea.

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By on September 2, 2015

000-2014-maserati-ghibli

According to a report by Automotive News, Maserati North America may have falsified nearly half their sales in December 2014 and an undisclosed amount for other months through a demonstration car scheme that rewarded dealers for being complicit in the scheme.

A lawsuit filed by Recovery Racing, owner of multiple Maserati stores in the northeastern U.S., claims a program aimed at falsely boosting sales numbers financially disadvantaged its business because of its reluctance to participate.

Read More >

By on September 1, 2015

124 Spider_010

Those really keen on the Mazda MX-5, but undeterred by reliability and resale issues are in luck. The reborn Fiat 124 Spider, built upon the fourth-generation MX-5, will be revealed in November at the Los Angeles Auto Show as expected, reports The Detroit Bureau.

Citing a source within the company, the reborn 124 Spider nameplate will be the home of two flavors — normal and Abarth — with the latter receiving the same 1.75-liter, turbocharged, four-cylinder engine as the Alfa Romeo 4C.

Read More >

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