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    William Maley

    15 new models including a new SUV are in the pipeline

    Ferrari held their annual Capital Markets Day where the company provided details about their plans through 2022.
    CEO Louis Camilleri revealed a roadmap that is similar to what former CEO Sergio Marchionne presented previously. 15 new models are expected to launch by 2022 and that will include a new SUV called Purosangue. However, Camilleri has pushed back the launch from 2020 to 2022 to "get it perfect." There will also be a new mid-engine model that may serve as Ferrari's performance flagship as it is said to be quicker than the La Ferrari.
    Ferrari is also expanding its hybrid offerings, planning to offer 60 percent of its total production with a hybrid engine by 2022. This will include a new V6 with turbocharging.
    Camilleri has also pulled back on Marchionne's earnings target of 2 billion euros to a range of 1.8 to 2 billion by 2022.
    "This is an ambitious plan, but a doable one based on a concrete, detailed framework," said Camilleri.
    Source: Bloomberg

    William Maley
    Back in July, we reported that Ferrari was planning an SUV. This was a bit of a surprise since Ferrari Chairman and FCA CEO Sergio Marchionne said "you have to shoot me first,” when asked about this last year. He would confirm that the brand is considering this a month later. It seems now Ferrari is now beyond the consideration stage.
    Today at the New York Stock Exchange, Marchionne said the automaker is deciding on production which will take about 30 months to complete. Production would be limited to preserve exclusivity.
    “We’re dead serious about this. 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,” said Marchionne.
    As we reported back in August, the SUV or 'FUV' as Marchionne calls it is part of an effort to double the profits of Ferrari.
    Source: Bloomberg

    William Maley

    It's all about those sweet, sweet profits

    It was about a month ago that we reported on the rumor of Ferrari working on an SUV, a complete 180 from Ferrari Chairman (and Fiat Chrysler Automobiles CEO) Sergio Marchionne's “you have to shoot me first” answer when asked about this last year. That rumor has been revealed to be true.
    During a conference call reporting second-quarter earnings, Marchionne confirmed that the Italian sports car builder is considering an expansion into utility vehicles and possibly reinvent the segment.
    "It will probably happen but it will happen in Ferrari’s style,” said Marchionne.
    "That space is too big and too inviting and we have a lot of our customers who will be more than willing to drive a Ferrari-branded vehicle that has that king of utilitarian objective."
    Marchionne also reiterated the “you have to shoot me first” comment is if Ferrari comes up with something similar to the models from Bentley or Porsche.
    Bloomberg learned from sources earlier in the week about Ferrari considering adding an SUV to their lineup in an effort to double profits by 2022. The model would be targeted at customers in Asia, particularly those in China. This could add an extra 2,000 sales for the company. But this could bring up a big problem for Ferrari. Currently, Ferrari produces under 10,000 vehicles a year to avoid various emission regulations. By possibly adding an SUV, Ferrari would now have to meet them. According to sources, Ferrari is planning on introducing more hybrid models beginning in 2019 to meet the various regulations.
    Next year, Marchionne will be presenting his final five-year business plan for FCA and their various brands. We'll likely find out then if Ferrari is going forward on the utility vehicle.
    Source: Bloomberg, (2)

    William Maley

    SAY WHAT?!

    “You have to shoot me first.”
    That was the response of Ferrari Chairman (and Fiat Chrysler Automobiles CEO) Sergio Marchionne last year when asked if Ferrari would ever do an SUV. But it seems Ferrari is working on one according to a report from Car.
    The model - codenamed F16X is expected to be paired up with the replacement for the GT4C, due out in 2020. That means it will feature aluminum architecture and all-wheel drive. F16X will set itself apart from the GT4C by having a higher ride height, feature a four-door coupe body with rear suicide doors, and utilize V8 and hybrid powertrains.
    According to sources at the company, the F16X will cost 300,000 euros (about $341,724.57).
    Source: Car

    William Maley

    Why future Ferrari models will become slightly greener

    Ferrari has been able to be exempt from certain regulations concerning emissions and fuel economy since they sell less than 10,000 vehicles per year. But the Italian sports car builder is getting close to that amount as they have commited to ship 8,000 vehicles this year and raise that to 9,000 by 2019. What do you do in this case? Begin to add hybrid bits to your vehicles.
    Reuters reports that Ferrari CEO Sergio Marchionne announced during a conference call with investors that all of their vehicles sold from 2019 will have some sort of hybrid tech. This would allow Ferrari to grow and sell more vehicles. 
    "Although I neither commit to this nor do I give any sort of certification of it being our objective, it is possible that the (annual sales) number could be well in excess of 10,000 cars in 2025," said Marchionne.
    Marchionne also mentioned that the company would undergo a "fundamental shift" in the way it manufacturers its cars. This would include building models with a focus on luxury.
    Source: Reuters

    William Maley

    You'll not be seeing an electric from Ferrari anytime soon

    Fiat Chrysler Automobiles' CEO Sergio Marchionne isn't a fan of electric vehicles, especially the idea of a Ferrari EV.
     
    "With Ferrari, it's almost an obscene concept," said Marchionne.
     
    A key part of the Ferrari driving experience explained Marchionne was the noise of the V8 or V12 engines. Going with a fully electric powertrain removes something important in the experience.
     
    "You'll have to shoot me first," said Marchionne.
     
    It is rumored that Ferrari will do more with hybrid technology in their future vehicles as a way of improving fuel economy while retaining the performance the brand is known for.
     
    Source: Motor Authority

    William Maley

    Reports?! What Reports?

    The National Highway Traffic Safety Administration has issued a $3.5 million fine for Ferrari as it failed to comply with oversight requirements.
    The agency announced today that the Italian sports car maker had not submitted early warning reports for the past three years. These reports are important for NHTSA as it helps them identify potential or existing safety problems. Federal law requires manufacturers these reports quarterly. Previously, Ferrari was qualified as a a small-volume manufacturer which exempted them from providing these reports. However, Ferrari was still required to notify the agency of any fatal accidents involving its vehicles, something it didn't do for three accidents in this time. Also, Ferrari lost its small-volume manufacturer exemption when it became part of Fiat in 2011.
    "There is no excuse for failing to follow laws created to keep drivers safe, and our aggressive enforcement action today underscores the point that all automakers will be held accountable if they fail to do their part in our mission to keep Americans safe on the road," said U.S. Transportation Secretary Anthony Foxx.
    Ferrari spokesperson Krista Florin said in a statement that the missed reports were unintended, and that the automaker had implemented new procedures to "ensure full compliance in the future."
    Source: Reuters, National Highway Traffic Safety Administration
    William Maley is a staff writer for Cheers & Gears. He can be reached atwilliam.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
    Press Release is on Page 2
    NHTSA Fines Ferrari $3.5 Million for Failing to Submit Early Warning Reports
    Automaker Did Not Submit Required Safety Information for Three Years

    WASHINGTON – The U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) today announced that Ferrari will pay a $3.5 million civil penalty and has been ordered to comply with NHTSA oversight requirements as set forth in a Consent Order for failing to submit early warning reports (EWR reports) identifying potential or actual safety issues. Federal law requires large manufacturers and affiliates of large manufacturers to submit comprehensive EWR reports on a quarterly basis, in order to provide notice to the Department of potential safety concerns. Ferrari, an affiliate of Chrysler, admitted that it violated the law when it failed to submit required reports to NHTSA over a three-year period, and failed to report three fatal incidents. Until Fiat (which includes Ferrari since 2011) acquired Chrysler, Ferrari qualified as a small volume manufacturer and was not required to file quarterly EWR reports. However, while Ferrari was not required to file quarterly reports, it must report fatal incidents nonetheless.
    "There is no excuse for failing to follow laws created to keep drivers safe, and our aggressive enforcement action today underscores the point that all automakers will be held accountable if they fail to do their part in our mission to keep Americans safe on the road," said U.S. Transportation Secretary Anthony Foxx.
    In addition to the civil penalty, the Consent Order requires the automaker to improve its processes for EWR reporting, to train personnel on the EWR requirements, to communicate these improvements to NHTSA, and to retroactively submit all EWR reports. The Consent Order is immediately enforceable in federal court if any terms are violated.
    "The information included in early warning reports is an essential tool in tracking down dangerous defects in vehicles," added NHTSA Deputy Administrator David Friedman. "Early warning reports are like NHTSA's radar, helping us to find unsafe vehicles and make sure they are fixed. Companies that violate the law and fail to comply will be subject to comparable swift NHTSA enforcement action."
    EWR reports are required under the Transportation Recall Enhancement, Accountability, and Documentation (TREAD) Act of 2000. The law requires quarterly reporting of: production information; incidents involving death or injury; aggregate data on property damage claims, consumer complaints, warranty claims, and field reports; and, copies of field reports involving specified vehicle components, a fire, or a rollover.

    William Maley

    The Prancing Horse Will Be Galloping Off From Fiat Chrysler

    The most iconic brand of Fiat Chrysler Automobiles will become its own company. The company announced today that it plans to spin off Ferrari into its own separate company as part of a plan to raise capital that will support the FCA's future growth. Once the separation happens, Ferrari will put 10 percent of its shares on the stock market "in the United States and possibly a European exchange". The remaining 90 percent will be distributed among FCA's existing shareholders.
    "Following our acquisition of the minority interest in Chrysler earlier this year, the transformation of Fiat and Chrysler into FCA was completed earlier this month with our debut on the New York Stock Exchange. As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari. The Board supports management's determination that this transaction represents FCA's best course of action to support the long term success of the Group while at the same time substantially strengthening FCA's capital base," said FCA CEO Sergio Marchionne.
    Source: Fiat Chrysler Automobiles
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
    Press Release is on Page 2
    FCA Announces Board Intention to Spin Off Ferrari S.p.A.
    The Board of Directors of Fiat Chrysler Automobiles N.V. (NYSE: FCAU) ("FCA") announced that in connection with FCA's implementation of a capital plan appropriate to support the Group's long-term success, it has authorized the separation of Ferrari S.p.A. ("Ferrari") from FCA. The separation will be effected through a public offering of FCA's interest in Ferrari equal to 10% of Ferrari's outstanding shares and a distribution of FCA's remaining Ferrari shares to FCA shareholders . The Board authorized FCA management to take the steps necessary to complete these transactions during 2015. FCA expects that the Ferrari shares will be listed in the United States and possibly a European exchange.
    "I am delighted to have taken this additional step in the development of FCA. Coupled with the recent listing of FCA shares on the NYSE, the separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow FCA shareholders to continue to benefit from the substantial value inherent in this business" said John Elkann, Chairman of FCA.
    FCA CEO Sergio Marchionne added. "Following our acquisition of the minority interest in Chrysler earlier this year, the transformation of Fiat and Chrysler into FCA was completed earlier this month with our debut on the New York Stock Exchange. As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari," Marchionne continued, "The Board supports management's determination that this transaction represents FCA's best course of action to support the long term success of the Group while at the same time substantially strengthening FCA's capital base."
    The spin-off of Ferrari will be subject to customary regulatory approvals, tax and legal considerations, final approval of the transaction structure from the FCA Board of Directors and other customary requirements.

    William Maley

    Changing of the guard at Ferrari

    Ferrari's long standing chairman Luca di Montezemolo announced today that he will step down from the company on October 13th. Taking his place for the time being will be Fiat Chrysler Automobiles CEO Sergio Marchionne.
    Montezemolo has a long and storied career at Fiat and Ferrari. He started at Fiat before moving to the prancing horse in 1973. There he became Enzo Ferrari's assistant. A year later, he was named head of the Scuderia (racing division) the following year. Montezemolo worked hard and helped the team reach great success. Because of his efforts with Scuderia, he was name head of Fiat's racing activities. In 1991, Montezemolo was named chairman of Ferrari.
    However, Montezemolo and Marchionne have been clashing over a number of issues. The two biggest issues are Ferrari's F1 team not claiming a championship since 2008 (or a win this year), and where the brand stands under FCA.
    "Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group." said Montezemolo in a statement.
    "Luca and I were appointed to the Fiat Board of Directors on the very same day back in 2003. One year later, he became Chairman and I became CEO. We worked side by side, sharing concerns, difficulties and successes. As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results. Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally," said Marchionne.
    Source: Ferrari
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.comor you can follow him on twitter at @realmudmonster.
    Press Release is on Page 2
    Montezemolo quits Ferrari, Fiat CEO Sergio Marchionne to become new Chairman
    Luca Cordero di Montezemolo has announced his intention to resign as Chairman of Ferrari with effect from October 13th following completion of Ferrari's celebration of 60 years in America. Fiat CEO, Sergio Marchionne, will take over as Chairman of Ferrari.
    Since 1991, Ferrari achieved significant results under Montezemolo's chairmanship in terms of both financial performance and its standing in the world of racing. Under his leadership, Ferrari boasted a world-class team and numerous record-setting achievements.
    "On behalf of my family and myself, I would like to thank Luca for all he has done for both Fiat and Ferrari", said Fiat Chairman, John Elkann. He held several key positions with the Group, including serving as Chairman of Fiat from 2004 to 2010, and we shared many challenging but also rewarding moments. Luca leaves us with my most sincere and heartfelt wishes for his future professional endeavors and the hope, I am certain shared by us both, that Ferrari will return to victory very soon."
    "Luca and I were appointed to the Fiat Board of Directors on the very same day back in 2003", said Fiat CEO, Sergio Marchionne. "One year later, he became Chairman and I became CEO. We worked side by side, sharing concerns, difficulties and successes. As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results. Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally."
    Statement from Ferrari Chairman Luca di Montezemolo
    "Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group.
    This is the end of an era and so I have decided to leave my position as Chairman after almost 23 marvellous and unforgettable years in addition to those spent at Enzo Ferrari's side in the 1970s.
    My thanks, first and foremost, to the exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world. They were the real architects of the company's spectacular growth, its many unforgettable victories and its transformation into one of the world's strongest brands.
    A warm farewell and my thanks also to all of our technical and commercial partners, our dealers across the globe and, most particularly, the clients and collectors whose passion I so wholeheartedly share.
    But my thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia's most difficult moments.
    Ferrari is the most wonderful company in the world. It has been a great privilege and honour to have been its leader. I devoted all of my enthusiasm and commitment to it over the years. Together with my family, it was, and continues to be, the most important thing in my life.
    I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the Company the many more years of success that Ferrari deserves."
    Maranello, 10th September 2014.
    Turin, 10 September 2014

    William Maley

    Ferrari Shows How To Balance Performance and Emissions

    The balance act of performance and emissions is difficult to say in the least, but Ferrari thinks they have figured it out. According to Vittorio Dini, Ferrari's Powertrain Director, the company plans on increasing performance while reducing CO2 emissions by 20 percent by 2021.
    "Our average CO2 emissions are currently about 270 grams of CO2 per kilometer. We want to use all the available technologies to reduce emissions by 3 percent each year, which means approximately a 20 percent decrease by 2021," Dini said to Automotive News Europe.
    How does the company plan on pulling this feat off? By using turbocharging and hybrid systems. Ferrari is turning to downsized V8 engines paired with turbochargers. Case in point is the 2015 California T which traded in a 4.3L V8 making 484 horsepower to a 3.9L turbocharged V8 producing 552 horsepower. As for CO2 emissions, the change in engines saw emissions drop from 299g/km to 250g/km.
    As for V12 engines, Dini said the company looked at turbocharging. The idea was nixed after it was decided that it would take four turbos to provide the same punch, which causes packaging and heat dissipation problems. Instead, the company will utilize hybrid technology for their V12s.
    Source: Automotive News Europe (Subscription Required)
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley
    William Maley
    Staff Writer - CheersandGears.com
    August 21, 2013
    Ferrari's Chairman, Luca Cordero di Montezemolo has been one the biggest critics of electric vehicles. So it comes a no surprise that Montezemolo has said the Ferrari will be doing more hybrid vehicles.
    “I don’t believe in the electric cars, but I strongly believe in hybrids,” di Montezemolo said in a interview.
    di Montezemolo explained that the brand sees hybrid technology as a way to not only improve performance but to expand the brand’s reach. He quickly added that Ferrari would not expanding their lineup or number of vehicles built. Instead the company will be reducing the amount vehicles built.
    Source: Bloomberg
    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

    William Maley
    William Maley
    Editor/Reporter - CheersandGears.com
    June 6, 2012
    According to an Italian automotive news site, Ferrari will develop and build two new engines that will be fitted under the hood of upcoming Alfa Romeo, Lancia, and Maserati models.
    Sources say the two engines will be a be a twin-turbocharged V6 producing a max of 450 HP and a naturally-aspirated V8 exceeding 500 HP. Both engines are part of a a €50 million ($62 million) investment made by Fiat and will be built on a new assembly line in Italy.
    Vehicles that will use this engine include Maserati’s upcoming SUV and mid-size luxury sedan, as well as Alfa and Lancia’s new flagship sedans.
    Source: Left Lane News

    William Maley
    William Maley
    Editor/Reporter - CheersandGears.com
    April 27, 2012
    Ferrari's replacement for the Enzo supercar will be the prancing horse's first hybrid.
    "We are entering the market with our Formula One-derived hybrid system, which will slash fuel consumption and increase performance," said Ferrari CEO Amedeo Felisa.
    The hybrid system, called HY-KERS, improves fuel consumption by 40% while slashing the time it takes to accelerate from 0 to 124 MPH by 3 seconds compared with a Ferrari model without the system in testing.
    Ferrari says the system will add about 265 pounds to a car. To help offset the addition, Ferrari will cut more weight out and use more carbon fiber.
    Source: Autoweek

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