Ferrari has filed a patent with the United States Patent and Trademark Office that leverages augmented reality to allow real-world racing to crossover into the virtual realm. By using wireless networks and the real vehicle’s positional data, Ferrari thinks it can replicate it on screens at home with a high degree of accuracy.
But the really slick stuff comes into play once that experience is replicated the other way round. The special interface device the automaker has filed its patent for also replicates virtual vehicles competing against it via an advanced head-up display (HUD) and some feedback features made possible by electronic controls.
The World Endurance Championship (WEC) is a thrilling series with cars packing the latest tech and automakers from around the world vying for the top spots. Ferrari, whose teams have put up legendary performances in several racing series, recently announced a new car for the upcoming WEC season.
We’re guessing a trip to the dealership for service is a routine affair for most people, but sometimes things go sideways. There are all sorts of stories of cars being dropped off lifts and about dealer employees taking nice cars for joyrides. One thing we haven’t seen, at least until now, is a car falling down an elevator shaft. Oh, and this car happens to be a Ferrari Roma, which can cost more than $300,000 in some cases.
Ferrari has recalled 23,555 vehicles manufactured between 2005 and today, representing a sizable chunk of the brand's output. As with the recall Ferrari issued in October of 2021, the company remains worried about the potential of dangerous brake failure. Though your author imagines the physical threat this actually presents to vehicle owners is limited, because most Ferrari products spend their entire lives in climate-controlled garages as motionless baubles.
Still, it may pose some amount of risk to in-house mechanics and multi-millionaires who actually drive their collectible cars and aren't Jay Leno (he's sworn off the brand). So it's likely better for Ferrari to notify the public than simply playing the odds that nobody will notice for another 15 years.
Editor’s note: This is the first in an occasional series.
Enzo Ferrari. You probably know who he is, thanks to the eponymous car brand he started in 1947 — but what you probably don’t know is that il Commendatore was already a legend, years before he hung out his own shingle … and the twin-engine, Alfa Romeo Bimotore racer from 1935 is a big part of the reason why.
This wasn’t some crazy, “let’s see if we can” sort of project, either. This twin-engine terror was born out of necessity — the necessity to beat the German Auto Union and Mercedes-Benz “Silver Arrows”, anyway.
Last week, news broke that Ferrari was plotting a third assembly line in Maranello dedicated entirely to EV production. But this turned out to be little more than a preamble for the obligatory announcement that the company would eventually transition toward building electric vehicles.
On Thursday, the Italian automaker told investors that all-electric and hybrid models will make up 80 percent of its global sales volume by 2030. This is to be done via a slew of new products it hopes to launch between now and 2026. Though the first Ferrari to run exclusively on battery power isn’t scheduled to arrive until 2025. According to the manufacturer, it’s plotting to launch 15 new vehicles as part of the overarching strategy. While some of those will undoubtedly be duplicates boasting open-air cockpits and slightly different powertrains, it has still got to be some kind of record for the brand.
Ferrari is rumored to be preparing a third assembly line in Maranello, Italy, dedicated for electric vehicles. The automaker has already purchased land near the facility and is presumed to make an official announcement on June 16th when it’s scheduled to present its four-year business plan.
As usual, this comes from a major media outlet that cited unnamed sources from within the industry. Though, considering the luxury sports car manufacturer’s confirmation that it would begin producing hybrid and all-electric automobiles, it’s more than plausible. Ferrari’s first battery electric vehicles are scheduled to arrive in 2025 and it still needs somewhere to build them.
Our Abandoned History coverage of the Turbo-Hydramatic transmission series continues today. The THM was a singular solution to two different automatic transmissions in use by Oldsmobile, Cadillac, and Buick in 1963. Turbo-Hydramatic arrived at a time of modernization for the automatic, which prior to the mid-Sixties was regarded as inefficient and less than smooth.
The THM400 was the 1964 replacement for the Hydra-Matic and Buick’s Dynaflow and established itself as a smooth and reliable gearbox. It proved useful in a variety of luxury and heavy-duty applications and shrugged off weight and torque easily. In short order, it took off as the transmission of choice for various small manufacturers outside of GM. However, no matter how excellent the THM400 was, it found itself squeezed by a drive toward greater fuel efficiency. It was also a bit hefty to be of broad use in smaller or lighter passenger cars. GM needed more Turbo-Hydramatics!
A few weeks ago, we concluded Abandoned History’s two-part coverage of the Chrysler UltraDrive transmission. Within the comments was a request for more transmission coverage of an equally abandoned nature. Let it be so! Come along as we discuss the vast automatically shifted expanse that was the Turbo-Hydramatic transmission family, by General Motors.
Beset by electric vehicle announcements and planned fueling restrictions, your author has scoured the internet for something you might actually enjoy from the realm of internal combustion. Instead, you’ll be settling for an update on the Ferrari 812 Superfast you couldn’t possibly afford.
The company has opted to make the model a little faster and will be issuing a V12 pushing 818 horsepower while also moving the redline up to 9,500 rpm. Scheduled for an official debut next month, the limited-edition 812 doesn’t have an official name but Ferrari has indicated it will be the meanest GT car in its lineup.
Ferrari CEO Louis Camilleri has abruptly resigned from the company with the official announcement providing few details to build upon. Despite numerous news outlets fixating on his testing positive for COVID-19 and subsequent hospitalization, Ferrari failed to mention it in the release. But Reuters had reported that an inside source had claimed Camilleri, 65, had suffered health complications that required him to be hospitalized for weeks, adding that he was also stepping down as executive chairman of Philip Morris International.
However, he’s now said to be recovering at home and the coronavirus diagnosis apparently had nothing to do with his decision to retire. Ferrari only cited “personal reasons” and stated it had already begun considering his replacement, noting that it had no intention of rushing the process.
Today’s Rare Ride is a seriously sporty evolution of Ferrari’s well-known 308 GTB. Built as a homologation special, the 288 GTO was one of the most exclusive vehicles Ferrari produced in the Eighties.
It’s a car which became relevant to me this past weekend, when a rusty example was unearthed in my parents’ backyard.
Today’s Ferrari 400 took a more upscale approach than its contemporaries wearing the prancing horse badge. The engine was at the front instead of the middle, the seats numbered four instead of two, and the accommodations were more cocktail lounge than race car.
Let’s find out more about the vintage Ferrari many fans gloss over entirely.
Years ago, your humble author was in Los Angeles for the auto show, finding his cellphone suddenly dead. He stumbled into a nearby mall while Verizon’s techs worked their magic, then wandered through the Ferrari store, amazed at how much stuff the iconic exotic brand could slap its badging on.
While you almost certainly won’t be able to buy the retail, and certainly you wouldn’t want to acquire one by being a COVID-19 patient, there will be Ferrari-branded respirator valves.
The original and well-known Ferrari 365 was a V12 grand tourer in production from 1966 to 1971. Its primary successor — the 365 GTB/4 (Daytona) also made a name for itself in short order.
Sitting in relative obscurity, however, was the Daytona’s ignored cousin, the 365 GTC/4.
Bizzarrini — a name which conjures images of, well, probably nothing for most people. In the Sixties, Bizzarrini was a short-lived auto manufacturer, but after the company’s demise, the name popped up once more in the early Nineties.
Let’s find out a little more about this one-of-one BZ 2001.
Today, Zagato surfaces once more, this time on a car which is certainly not boxy or red. It’s a very yellow Ferrari 348, with additional Zagato passion and flair.
The Buy/Drive/Burn series has been all about convertibles lately. We started with some $40,000 luxury entries from 2010, then upped the dollar figure with three more from 2009 that asked over $90,000 for the pleasure of their company.
Today we step back in time to the year 2001, and spend even more money. The cheapest drop-top here is over $120,000. Let’s go.
Our recent Rare Rides entry on the Bugatti EB110 quickly sussed out a couple of mid-90s competitors in the comments section. Today, we’ll visit the trio and pick one to take home.
An entrant each from France, England, and Italy; all of them failures in their own right. Which big money flop will it be?
Ferrari has filed a patent application with the U.S. Patent and Trademark Office for a “device for the amplification of the intake sound” of an internal combustion engine. The system is a little different than the “Active Sound Design” populating many of today’s modern performance vehicles — a setup that involves piping in engine noises via the car’s sound system (à la BMW), through a speaker attached to the firewall (e.g. Volkswagen), or by redirecting some intake air through a diaphragm and into less-insulated areas of car (Porsche).
For Ferrari’s new system, the last solution seemed to be the best fit. But rather than running noise through a singular valve and pipe, the Italians want to use each runner of the intake manifold — presumably to create a richer and less-artificial sound. The patent request even states that the amplification pipe produces a noise that is “very pleasant to the human ear.” Filed in April of this year and clearly written by some super-intelligent automaton that’s obsessed with human ears, the system looks pretty complex.
Ferrari plans to launch two limited-edition supercars using the Monza formula and name. The open-topped pair are said to have “the most powerful engine Maranello has ever built.” That’s a 810-horsepower, 6.5-liter V12, according to the automaker’s September press announcement. We imagine it’s the same unit currently residing in the 812 Superfast.
As you might imagine, the single seat Monza SP1 and double-chaired SP2 aren’t meant for aimless weekend cruising. Inspired heavily by the 1948 166 MM Barchetta, 1954 750 Monza, and 1956 860 Monza, they’re pretty hardcore for a modern-day automobile. Alleged (by the manufacturer) to be capable of a 0-to-62 mph sprint in 2.9 seconds, with 0-to-124 mph passing in 7.9 seconds, the duo are said to be capable of at least 186 mph. We wouldn’t recommend trying that without a full-faced helmet, as neither model comes with a windshield.
Two years before his untimely death, former Fiat Chrysler and Ferrari CEO Sergio Marchionne promised not to build a sport-utility vehicle with the prancing horse badge stuck to it. To do so would be sacrilege, he implied. Alas, the passage of time revealed the folly in that plan, especially for an automaker trying to stand on its own two feet after being spun off by its parent.
At the time, luxury automakers like FCA’s Maserati and its competitors had come to the realization that a stable devoid of high-riding vehicles was not what consumers — or forward-looking investors — wanted to see. Fast-forward to the present day, and even Rolls-Royce has an SUV. Lotus, maker of tiny sports cars, has one in development. Ferrari would be the odd man out without one, and thus more vulnerable to changing consumer preferences.
On Tuesday, Ferrari told investors what they can expect from the company, as well as its upcoming SUV.
Ferrari Museum Exhibitions Mark Enzo Ferrari 120th Birthday, Showcase Bevy of Ultra-rare Italian Steel
To mark the 120th anniversary of the birth of Ferrari founder Enzo Ferrari, the Ferrari Museum in Maranello is launching two new exhibitions showcasing the man and the machines he was particularly fond of.
The first display is a photographic journey entitled “Passion and Legend,” which follows Enzo’s life and times at Ferrari. However, the second exhibit, called “Driven by Enzo,” looks to be the more interesting of the two. It features the various four-seater models driven personally by Ferrari. While Enzo was known to test every vehicle the company produced, his penchant for the more-practical 2+2 frequently resulted in them becoming his daily driver. Interesting, considering the man supposedly only built road-going cars to fund his love of racing.
Louis C. Camilleri was named the next chief executive officer of Ferrari N.V. on Saturday, succeeding former CEO and chairman Sergio Marchionne, whose health has taken a turn for the worse.
As head of Fiat Chrysler, Marchionne orchestrated the successful spin-off of Ferrari beginning in 2014, completing the process in 2016. While the executive had planned to stay on as chairman of the Italian luxury sports car brand after his scheduled retirement from FCA in April of 2019, fate intervened. Jeep brand head Mike Manley is now CEO of FCA, while Camilleri — who arrives with an impressive background in big business — has taken the helm of Ferrari.
In the chairman’s seat now sits John Elkann, head of the Agnelli family’s Exor holding company, which holds a controlling stake in FCA and Ferrari.
Ferrari is recalling certain 488s produced during the 2016 model year, after the manufacturer uncovered a software glitch that may occur if the vehicle’s brake discs are in need of replacement. The issue affects 39 488 GTB coupes and one lone 488 Spider produced between June and November of 2015.
According to a filing with the National Highway Traffic Safety Administration, a “software error may cause the software algorithm which calculates the percentage value of wear of the carbon-ceramic brake discs of the vehicle to malfunction.” This might result in the vehicle’s brake disks wearing down past the point of needing replacement without the driver being notified via the applicable warning messages.
While it would be unfair to assume any Ferrari owner doesn’t rigorously maintain their vehicle themselves, spending every other Sunday in the garage with a rag, a wrench, and a handheld laser micrometer, the lack of a brake disk warning light could theoretically cause some people to neglect replacement — creating an increased likelihood of an accident. And we know you would hate to be the kind of Ferrari owner that smacks into the back of an SUV in the Home Depot parking lot because you forgot to swap in fresh new set of $25,000 brake discs.
News broke earlier this week of a Ferrari dealer embroiled in a lawsuit after a salesman accused the company of authorizing the use of devices that roll back vehicle odometers. Despite being a great way to improve the valuation of a used car, the practice is generally frowned upon — our best guess is because it’s super shady and totally illegal.
However, it was unclear if the issue revolved around one grubby dealership in Palm Beach or a systemic problem that included the manufacturer. The DEIS Diagnostics System that made the shenanigans possible does require online authorization from Ferrari corporate offices. But it could be that someone at home base didn’t know the extent of what the tool was actually being used for.
Unfortunately, they did. This week, details emerged from the case files of Robert “Bud” Root’s lawsuit against New Country Motor Cars. Back in April of 2017, Ferrari issued a memo to the dealership that can best be paraphrased as “cut it out.”
Despite referring to the mere notion of an electric Ferrari as “obscene” in 2016, chief executive officer Sergio Marchionne is now saying the brand is obligated to build one. The situation is familiar to what happened with the brand’s upcoming sport utility vehicle — Sergio claimed it would never happen and, roughly a year later, flipped the script.
The SUV is supposed to reach the public by late 2019 or early 2020. However the battery-electric Ferrari won’t come until the brand has established a few hybridized powertrains first. Marchionne claimed that “going from there to an electric is easy,” prefacing the plan with “We do it because we have to do it.”
To paraphrase former editor of GOOD, Cord Jefferson, we Millennials are cold-blooded killers. Whether it’s due to lack of income or interest, few industries have been unaffected by our non-traditional spending habits. The auto industry has been especially vulnerable; I have attended academic conferences and read countless thinkpieces theorizing ways to motivate Millennials to fall in love with automobiles like their parents did. Finding buyers for all of these future cars will be tricky, but there’s a greater problem: If nobody in my generation cares for cars, who will do the work to design them?
Even more bleak are the prospects for students who are actually passionate about automobiles. One current transportation design student told me it is easier to get picked for NFL draft than it is to get a job designing cars for a major automaker. In the past, two schools dominated auto design education in America: Detroit’s College for Creative Studies and Pasadena’s ArtCenter College of Design. Today, graduates from these prestigious (and expensive) schools have to compete against a global talent pool, all vying for a limited number of internships.
With such overwhelming odds stacked against them, who would even encourage a prospective student to apply?
Ferrari, the company that has participated in every single Formula One championship since its inaugural season in 1950, is threatening to give up the sport if U.S.-based Liberty Media follows through with its new engine rules. Depending on how you like your motorsport, Ferrari is either completely vindicated in its criticisms or overacting like a spoiled child.
Evolving rules are nothing new in Formula One. Changes are often made between seasons to bolster safety or improve competitiveness. But Ferrari NV isn’t interested in what’s to come after F1’s concorde agreement ends in 2020. Liberty Media has been pushing for engine rules that would make powerplants noisier and higher revving but also more uniform between teams. With a focus on a cheaper and simpler engine, F1’s new owner is also expected to suggest revenue caps on teams next week. The end result should be closer races. But that places it at odds with the Italian manufacturer’s goals of winning all the time.
Last month we featured a Question of the Day about the worst model names ever glued onto the back of a vehicle. Everyone had fun trashing corny, little-known nameplates from here and abroad, as well as the various and oft-nonsensical letters applied to the back of many North American offerings today.
Today we flip this question and talk about the best model names. What’s your selection for the best vehicle names out there?
Despite months of denial, Sergio Marchionne confirmed that Ferrari will put a sport utility vehicle into production on Monday. “We’re dead serious about this,” Marchionne said at the New York Stock Exchange earlier this week. “We need to learn how to master this whole new relationship between exclusivity and scarcity of product, then we’re going to balance this desire to grow with a widening of the product portfolio.”
The working title for Ferrari’s SUV is “FUV” and its confirmation undoes months of Marchionne’s claims that it would “never be built.” In February of 2016, the CEO even said he would have to be shot and killed before Ferrari made an SUV. For his sake, we hope that is no longer a provisional aspect of the build.
Ferrari officially presented the world with the car intended to replace the California on Wednesday. The new model, called the Portofino, is a 2+2 sporting a mischievous grin and enough horsepower to warrant it. Named — like many of Ferrari’s grand tourers — after a part of the world known for its temperate climate, the Portofino houses an updated 3.9-liter turbocharged V8 with 591 prancing stallions ready to tear up the tarmac.
Distinctively less subtle than the base California in both appearance and specifications, the new “entry-level” Ferrari benefits from new internals, but the overall affect primarily bolsters horsepower. Torque is bumped up to 560 lb-ft between 3,000 and 5,250 rpm, representing a modest 3 foot-pound increase compared to a nearly 40-horsepower improvement. Not that it should matter; the Italian automaker still considers the Portofino a GT car despite its more aggressive persona.
2018 marks the 50th anniversary of Ferrari’s V6-engined Dino, an entry-level Ferrari that never actually wore Ferrari’s prancing horse badge.
With challenging regulatory environments and emissions targets to meet, 2018 surely seems like a fine time to resurrect the Dino name and concept. Yet it appears far more likely Ferrari will look to burst through its 10,000-unit annual production barrier with an FUV, rather than a Dino that, Automotive News reports, would likely be priced 20-percent below the current entry-level Ferrari.
The California T stickers from $202,723.
“We need to explore ways to attract customers to traditional values of the brand such as style, performance and engine sound before downgrading the entry level price for the brand,” Ferrari CEO Sergio Marchionne told analysts.
Downgrade. Pfft. Downgrading is for Porsche and McLaren.
Ferrari will likely add a comparatively spacious four-seat “utility vehicle” to its lineup in the hopes of bolstering volume and doubling its profits by 2022. The strategy certainly has worked for Porsche. So well, in fact, that Lamborghini has made plans to introduce the Urus SUV for 2019 — using Volkswagen Group’s MLB platform. The spiritual successor to the wild LM002 is expected to outperform Bentley’s ludicrous Bentayga and would likely be Ferrari’s chief rival in the super sport utility segment.
The concept of a Ferrari-built SUV has drifted around the automaker’s Maranello and Amsterdam offices for a few years, but now inside sources claim a comprehensive strategy for the vehicle should be unveiled by 2018. However, enacting it would fundamentally change the brand.
As a low-volume automaker, Ferrari is not subject to the same rigid emissions regulations imposed on other car companies. But CEO and sweater aficionado Sergio Marchionne has been pressing the company to increase volume ever since taking the company’s helm in 2014, consequences be damned.
Report: 2021 Ferrari F16X Will Be Ferrari's First Off-Roader, SUV, Crossover, CUV, or Whatever Prancing Horse Designation Fits
Ah, it’s all coming together now. The FF was a trojan horse.
If the 2021 Ferrari F16X comes to fruition, it will be over the proverbial dead bodies of all those Ferrari executives who have denied the possibility of a Ferrari SUV. “We will not play with SUVs,” current CEO Sergio Marchionne said earlier this year in Geneva. “It’s not that we’re not planning an SUV for now — we’re not planning one at all,” former CEO Amadeo Felisa said in Frankfurt in 2015.
But a Ferrari SUV has nevertheless been long rumored, and the rumors were stoked when marketing chief Nicola Boari discussed at length earlier this year the way in which a Ferrari SUV would need to create a new segment.
Indeed, according to CAR, Ferrari’s first foray into the utility vehicle arena will be different: aluminum architecture, suicide doors sans B-pillars, a likely hybrid powertrain, and a price tag of roughly $350,000.
Thanks to the increasing wealth of the world’s elite, supercars have remained in fashion. Ferrari profits surged upward in the first quarter of 2017 as the Italian automaker continued a scheme designed to gradually accelerate volume.
The brand’s net income over the first three months of 2017 climbed to 124 million euros ($135 million) from 78 million euros during same period last year. Meanwhile, overall revenue increased 22 percent to €821 million, helped largely by engine sales to Fiat Chrysler’s Maserati — the car you buy when you wanted a Ferrari, but fell just shy of being able to afford one.
While Donald Trump seems to take a keen interest in the current state of the automotive industry, he doesn’t exactly come across as an car enthusiast. However, he is very rich and has had his share of obligatory Rolls, Benz, and Bentley-built vehicles over the years. And, like any exceptionally wealthy American male, he purchased a tomato red Ferrari, drove it infrequently, and then sold it off.
That car — a 2007 Ferrari F430 F1 Coupe — was auctioned by Sotheby’s over the weekend for a little less than one might expect. You would assume having the opportunity to say you owned “the president’s Ferrari” would add a substantial premium to the final sale price, but you’d be wrong.
Italian investigators said on Tuesday that they had prevented a criminal plot to steal the body of automotive legend and Formula One racing pioneer Enzo Ferrari. The scheme involved using two cars and a van, breaking into San Cataldo cemetery, absconding with the corpse, and then holding it for ransom.
Just imagine the incredible movie that would have resulted from the heist had the police not immediately foiled the plan. It would have equal parts The Italian Job and Weekend at Bernie’s.
Several months late to the annual Airing of the Grievances, Ferrari CEO Sergio Marchionne recently took the opportunity to mildly trash one of his company’s products.
The outspoken CEO, who donned the title last year, apparently takes offence to the company’s California T, complaining to reporters at the Geneva Motor Show that the droptop grand tourer just doesn’t feel like it belongs in the stable.
Former Ferrari salesman Robert “Bud” Root is suing Ferrari of Palm Beach for wrongful dismissal, alleging the dealer fired him after he discovered that a Ferrari DEIS tool was being used to roll back odometers. He also claims discrimination due to his old age.
Root’s claim states that Ferrari’s Italian headquarters has been producing and distributing these devices to dealerships worldwide. It also says that Ferrari must give authorization every time one of the tools is used — a potentially damaging allegation for the supercar manufacturer.
Vehicle names are often lies. Take LTD, for example. Demon? No proof of possession, at least none that can be recognized by the Catholic Church.
Ferrari, on the other hand, has introduced a new Geneva-bound model that aptly sums up its purpose through its name: Superfast. Yes, the Ferrarri 812 Superfast is, unsurprisingly, just that.
As a successor to the F12 Berlinetta, the 812 Superfast needs to do things in a gutsier manner than the model that came before. It’s also the 70th anniversary of the first Ferrari-badged car, so it only made sense for the prancing pony to make this model its fastest and most powerful production offering to date.
FCA and Ferrari boss Sergio Marchionne said that he would love to see Alfa Romeo returning to the Formula 1 Championship with its own team, provided that they are never, ever as good as Scuderia Ferrari. Instead of being a genuine F1 contender, he imagines Alfa as the junior varsity team designed to condition future talent for its big-league brother.
“Alfa Romeo in F1 could become a fine breeding ground for young Italian drivers,” Marchionne said after announcing GP2’s Antonio Giovinazzi as Ferrari’s new third driver at the company’s annual Christmas media event. “For that very reason we are thinking about bringing it back, as our competitor, to racing, to Formula One. It’s important for Alfa to return.”
Though it may seem hard to believe, we’re only a month away from celebrating the 50th anniversary of the start of the Wedge Era in automotive designs.
To those of us who still think of the Countach as a sharp enough design to be considered cutting edge, this is a sad reality. Yet the prototype of what would become the 1980s poster child was first shown in a hard-to-conceptualize 1971.
The influence of the angle extended far beyond the Countach in the 1980s. It also started before the scissored doors opened on the stand in Geneva in 1971 and was seen in many more marques than just those wearing the Raging Bull. Even more impressive than its age is the reach of these designs, some of which are still being refined today. So, let’s take a look at some of the interesting and influential doorstop shapes and where they later found a home.
Ferrari CEO Sergio Marchionne — who’s also the CEO of some other company — says the Italian automaker’s stable will be full of hybrid technology in three short years.
This isn’t an initiative designed to take Ferrari from red to green. Rather, it’s the only way it can boost sales without running afoul of the law. There’s cash to be made, and Sergio’s on the case.
Perhaps unsurprisingly, Ferrari has officially added its name to the list of automakers that will no longer offer a manual transmission.
The company’s chief technology officer, Michael Hugo Leiters, explained the decision at the Paris Auto Show last week, citing performance and technology as the motivating factors.
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.
Sergio Marchionne, wearer of many hats, appears poised to don yet another cappello.
Following the departure of former Ferrari chairman Luca di Montezemolo, who high-tailed it in 2014 due to clashes with Marchionne over company strategy, Bloomberg is reporting that current Ferrari CEO Amedeo Felisa is planning to retire after the nomination of a new board of directors, expected sometime this week.
Felisa does plan to stay as a board member, but this change will leave the role of CEO vacant … and we all know how much Sergio loves to be the Big Boss of Things.
As a proud member of the Brown Car Appreciation Society, I had to share this magnificent example of Italian history. Sure, Ferrari may call the color “Prugna Metallica” — or metallic purple for us Anglos — but it’s brown to my eyes (and that of the dealers’ camera).
This is perhaps the only way to fly under the radar in a Ferrari.
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.
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.
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.
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.
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- ToolGuy "Mr. President, no government agency, no think tank, and no polling firm knows more about the automobile customer than us. We talk to customers every day. As retail automotive dealerships, we are agnostic as to what we sell. Our business is to provide customers with vehicles that meet the needs of their budgets and lifestyles.”• How many lies can you fit into one paragraph?
- Spamvw Three on the tree, even Generation X would have a hard time stealing one of those.
- ToolGuy This trend of cyan wheels needs to end NOW.
- Kwik_Shift Interesting nugget(s) of EV follies. https://x.com/WallStreetApes/status/1729212326237327708?s=20
- SaulTigh I've said it before and I'll say it again...if you really cared about the environment you'd be encouraging everyone to drive a standard hybrid. Mature and reliable technology that uses less resources yet can still be conveniently driven cross country and use existing infrastructure.These young people have no concept of how far we've come. Cars were dirty, stinking things when I was a kid. They've never been cleaner. You hardly ever see a car smoking out the tail pipe or smell it running rich these days, even the most clapped out 20 year old POS. Hybrids are even cleaner.