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Ferrari vetoes F1 engine supply cost cap

The costs associated with competing in Formula One are enormous. In addressing the problem, the FIA has proposed a number of measures aimed at reducing those expenses. But while most of the teams are apparently on board, one key player has exercised its veto to defeat the initiative. The issue came up at a recent meeting of the Formula One Strategy Group, where the participating parties discussed implementing a global cost ceiling, amending the regulations in order to drive down costs, and increasing the standardization of common parts. However one of the most concrete steps would have seen the FIA institute a maximum price which engine suppliers could charge independent teams for their power units. The issue was put to a vote, which the FIA reports passed with a "large majority." But Ferrari vetoed the measure, exercising the right accorded to it under the governing regulations – a step which the FIA will not contest. With its cost-cap measure defeated, the governing body has confirmed its intent to move ahead with proposals to bring in an outside engine supplier that will provide motivation to independent teams at a lower cost. As we recently reported, the price associated with securing power units from suppliers like Mercedes, Renault, and Ferrari, typically costs teams as much as $30 million per season – a solid two or three times what they cost in the previous V8 era. One of the leading contenders at this early stage to supply those low-cost power units is Cosworth. The British firm has long participated in the championship as an engine supplier, stepping back from the sport only recently. However other companies could enter a bid for the contract as well. A French outfit called PURE run by former BAR-Honda team principal Craig Pollock began development of an engine package back in 2011. BMW and Toyota both supplied V8 engines until a few years ago, while independent outfits like Mecachrome, Mugen, and TAG have also prepared F1 power units based on engines developed by major manufacturers. 26.10.15 FIA FORMULA 1 WORLD CHAMPIONSHIP - COST REDUCTION The FIA has studied cost reduction measures for teams participating in the FIA Formula 1 World Championship which were not conclusive, including: - a global cost ceiling, - a reduction in costs via technical and sporting regulations, - an increased standardisation for parts.

Giancarlo Fisichella joins fellow former F1 drivers in United SportsCar Championship

In business or in politics, those driven by their careers typically aim for the highest position they can get to, and after they're done there, they typically retire. But not in motor racing. With an expiration date hovering in their mid-30s at best, Formula One drivers typically seek out other racing series to compete in once they've outlived their career on the grand prix circuit. And there is no lack of racing disciplines that are glad to welcome them in with open arms as motor racing royalty. With the calendar announced and the teams lined up, the roster of drivers is taking shape for the inaugural United SportsCar Championship. And while there hasn't been a large number of former F1 drivers – much less grand prix winners – lining up for the series, there have been some. Risi Competizione, the team that typically fields Ferrari entrants in American GT racing, has just announced that Giancarlo Fisichella will be driving for them in the United SportsCar Championship this season. The veteran of 231 grands prix has driven for Minardi, Jordan, Benetton, Sauber, Renault, Force India and Ferrari. In the case of the latter, he filled in for an injured Felipe Massa, and remains a Ferrari factory driver. Over the course of his fourteen years on the grid, he won three grands prix and landed on the podium 19 times. That makes Fisichella, who just turned 41 on Tuesday, the most accomplished former F1 driver to sign on for the American series, but he's not the only one. Other drivers already lined up include David Brabham, Max Papis and Christian Fittipaldi – each of whom contested a handful of grands prix in the 1990s – as well as Sebastian Bourdais, who drove for Scuderia Toro Rosso after dominating in Champ Cars for four years and left F1 in 2009 along with Fisichella, who currently looks to be the only driver lined up for this year's Rolex 24 at Daytona who's won a grand prix or even scored a podium finish. While Brabham, Papis, Fittipaldi and Bourdais will all be driving in the top-tier Prototype class, Fisichella will be trying to make his mark in the GTLM class. We'll be watching to see whether he can add that trophy to the class titles he's already accrued in the Le Mans Series, the World Endurance Championship and the 24 Hours of Le Mans itself in the five years since leaving F1.

Ferrari, not Tesla, might be the stock to buy

Last week Tesla's earnings – or lack thereof – were one of the big stories in the auto industry. As usual, the electric carmaker didn't make money, but the news sent the market, analysts, and Tesla's devoted fans into a lather. But another company, this plucky upstart called Ferrari, also attracted a positive reaction from the market and actually had the financials to back it up. Ferrari posted net revenues of $898 million (at today's exchange rates) EBITDA of $265 million (a slightly complicated way to snapshot financial performance) and an adjusted net profit of $136 million in the first quarter. The company delivered 2,003 cars, and sales of its V12 models increased 50 percent. It quietly made progress nearly a year and a half into its life as an independent automaker. For 2017, Ferrari expects to deliver 8,400 cars and rake in net revenue of $3.6 billion. No one thought Ferrari would flounder when Fiat Chrysler Automobiles spun it off in fall 2015. With a rich history, expensive products, and its own loyal fan base that's arguably even larger than Tesla's, the company seemed poised for success, though skeptics wondered how it might fare after longtime chief Luca di Montezemolo stepped down before the spinoff. Plus, the company remains within the FCA sphere, as its key stakeholders are largely connected to its former parent in some way, and Chairman Sergio Marchionne also steers FCA. Last week's results showed Ferrari is gaining footing in the evolving automotive world, and analysts responded. UBS analyst Michael Binetti reiterated Ferrari stock (RACE on the NYSE) as buy status and raised his target price from $85 to $92. Morgan Stanley's Adam Jonas was even more bullish, raising projections to $100 in the next 12 months. Shares were trading around $82 Monday morning. Both analysts viewed Ferrari as something different than a conventional automaker stock, with Binetti comparing it to luxury house Hermes, which produces high margins even for a specialty goods maker. Jonas suggested Ferrari's singular reputation and history (16 Formula One Constructors titles, the most ever) could insulate its products when autonomous and electric cars become even more commonplace. "In our view, a Ferrari is not transportation," he wrote in a note to clients. "Ownership is viewed as an exclusive club, and membership requires more than just money.