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Ferrari driver Sebastian Vettel crashes in F1 preseason testing

MONTMELO, Spain — Sebastian Vettel crashed into a tire barrier in Formula One preseason testing on Wednesday, damaging his Ferrari but not sustaining any injuries. Vettel lost control on Turn 3 at the Barcelona-Catalunya Circuit, going through the gravel and hitting the wall. Ferrari said Vettel was "off due to a mechanical problem." It said the car was sent back to the garage "for all the needed checks." The Italian team did not specify what problem led to Vettel's crash in the morning session of the second of four days of testing. The crash prompted a red flag, and Vettel's Ferrari had to be towed back to the garage. McLaren driver Carlos Sainz was leading Wednesday's session with a time of 1 minute, 17.144 seconds, the fastest so far after six days of testing. Vettel had the second fastest time of the day, followed by Red Bull driver Max Verstappen and Mercedes rival Valtteri Bottas. Also Wednesday, McLaren said two-time world champion Fernando Alonso will be the team's ambassador and continue to advise its drivers and engineers, as well as "drive at selected tests to support the development" of the team's cars for 2020. Alonso, who was at the Barcelona track on Tuesday, will drive for McLaren in this year's Indy 500. Renault said Russian driver Sergey Sirotkin, who raced for Williams last season, will be the team's reserve driver in 2019. Testing will continue through Friday at the Barcelona-Catalunya Circuit, home to the Spanish Grand Prix. The season-opening Australian Grand Prix is on March 17. More AP racing Motorsports Ferrari Racing Vehicles F1 Sebastian Vettel

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.

Ferrari Enzo successor caught testing again

Although we're still not really sure what Ferrari plans to call its long-awaited successor to the Enzo, we're certain that this is going to be one mean car. We've heard that it will be called the F150, F150 Italia and even the F70 over the last year and a half. Regardless of its name, this guppy-faced prototype you see above is Ferrari's answer to the McLaren P1 and Porsche 918 Spyder with a rumored 900-horsepower hybrid powertrain.
Since the last time we saw this car testing, the only difference appears to be that the exhaust outlets now may be closer to production form, with dual pipes on each side sitting up higher in the fascia. Aside from that, these shots are much clearer and at a better angle allowing us to get an idea of what the final product might look like. We do see some of this car's details such as the headlight placement and shape similar to the 458 Italia and the massive brakes with drilled carbon ceramic rotors.
No word as to when we might see the production version of the car, but Ferrari did tease a couple photos of it last month and is much further along than spy shots we saw less than a year ago.