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Fiat gives outgoing Ferrari chairman $35M severance package

Luca di Montezemolo may not have wanted to leave Ferrari this way, but don't feel too bad for the departing chairman, because he'll be hitting the ground with a golden parachute so big that he'll never have to work again.
According to the latest reports, Fiat will pay Montezemolo 26.95 million euros (nearly $35 million) in severance pay. A little more than half of that will be paid in a lump sum of 13.71 million euros ($17.7M, equivalent to five times his annual salary) on January 31, 2015, with the rest to be paid within the next 20 years.
The payment is contingent on Montezemolo not going to work for a competitor, so don't expect to see him replacing Stephan Winkelmann at Lamborghini or Wolfgang Dürheimer at Bugatti any time soon. At least not until March 2017. Of course with that much cash on hand, the 67-year-old marquis need never work again, but considering how busy he's used to keeping himself, we'd be surprised if he didn't pop up again somewhere.

Ferrari to debut new twin-turbo California in the spring

Ferrari hadn't made a turbocharged engine since the F40 ended its production cycle in 1992. But that all changed when it helped Maserati develop its new 3.8-liter twin-turbo V8. That turbo engine has so far been shoehorned into the Quattroporte, along with its 3.0-liter V6 cousin that also powers the smaller Ghibli. But soon it'll wear the Prancing Horse badge as further details emerge on the next-generation California.
Set to arrive in time for the spring (likely to be unveiled at the Geneva Motor Show in March), the new California will reportedly ditch its naturally-aspirated V8 in favor of a reworked version of the Quattroporte's twin-turbo unit, which at 523 horsepower and 479 pound-feet of torque is already considerably more muscular than the current California's 483 hp and 372 lb-ft.
The new California will likely be closely based on the outgoing model, but benefit from revised aluminum sheetmetal and an updated cabin with a new infotainment system - two areas in which the current model has scored low marks.

This is what it's like to drive Magnum PI's Ferrari 308

In the pantheon of 80s pop culture, few cars have such provenance as the Ferrari 308. Sure, vehicular icons like the DeLorean and Pontiac Trans Am (especially in time machine and KITT guise) made us swoon back in the day, but there's something about the bright red Italian that makes it stand out; perhaps it is the 308's performance credibility, at least when compared to other memorable cars of its ilk.
Our fondness for Magnum PI's Ferrari 308 is shared by Oscar Verdugo, who's featured in the video you'll see below. Brought to you by theAFICIONAUTO, this video highlights the bond between the men and women who own and love such so-called star cars, and it focuses on one particular 1981 Ferrari 308 GTSI. Scroll down to watch the video below.