1994 Ferrari 348 Spider on 2040-cars

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Did Ferrari block Montezemolo from becoming F1 chairman?

The Formula One Group has appointed a series of new directors to its board. But while ousted Ferrari chief Luca di Montezemolo is among them, the latest reports suggest that he was earmarked to become the group's chairman, but that Sergio Marchionne blocked the appointment. Montezemolo, for those just joining us, served as chairman of Ferrari since 1991, but was ousted just a couple of months ago by Sergio Marchionne, chief executive of parent company Fiat Chrysler Automobiles who took his place at the head of the table in Maranello. During his tenure as Ferrari chief, Montezemolo sat as the team's representative on the F1 board (and also as chairman of the Formula One Teams Association), but despite having broken ties with Ferrari, Luca was renominated to the board as an independent member. That seat on the board, however, could have been at the head of the table, according to circulating reports, had Marchionne not expressed certain reservations, if not blocked the nomination outright. Montezemolo's appointment would have meant that both the F1 Group and the FIA would have been headed up by former Ferrari men, although Marchionne was quoted as saying that if it had been his call, he would have prevented Jean Todt from being elected to the presidency of the FIA as well. The chairmanship of the Formula One Group is separate from the role held by Bernie Ecclestone, who will continue to run the sport's day-to-day operations. Ecclestone has also rejoined the board along with Paul Walsh, the former head of distilling giant Diageo who was also tipped as a favorite to chair the F1 board. That role instead will return to Peter Brabeck, the former head of Nestle, who had previously stepped down from the chair of the Formula One Group.

This 1987 Ferrari F40 LM is for the millionaire who dares to be different

Throughout the past decade, the Ferrari F40 has become one of the most highly regarded and highly coveted supercars ever built. When cars become so iconic, any red model no longer excites. It's the specialty models, such as this stunning light blue Le Mans example, that catch the real attention at an auction house. This 1987 Ferrari F40 LM is expected to go for up to perhaps $6,280,000 at the upcoming RM Sotheby's in Paris on February 6 during Retromobile week. According to RM Sotheby's, the Pilot exterior livery makes this one of the most recognizable F40 LMs ever built, although that pool is extremely small. Only 19 F40s were ever created by Michelotto to LM or Competizione spec. Chassis No. ZFFGJ34B000074045 is reported to be only the third F40, not just of LM F40s, of all F40s built. It was a pre-production prototype, and the car's insane history doesn't stop there. It also participated in the 24 Hours of Le Mans in 1995 and 1996, yet finished only 12th in 1995 (it did win the 1995 Anderstorp 4 Hours). That's shocking considering the engineering and power this car is known for. In Michelotto LM spec, the twin-turbocharged V8 was uprated to more than 700 horsepower using enlarged turbochargers, bigger intercoolers, and a better Weber-Marelli fuel injection system. Using tech learned from the Group B 288 GTO Evoluzione development, it also had a stiffer chassis, an upgraded transmission, better brakes, and altered exterior aero equipment. Rated at about 2,350 pounds, it was one of the fastest cars on the planet at the time. Wherever this car goes, we hope the owner takes advantage of its eligibility for numerous racing events. Several other Ferraris will also roll across the auction stage, including a 1996 F50, a 1966 275 GTB/6C Alloy Berlinetta, a 2011 SP30, a 599 SA Aperta, a 2003 Enzo, and a 2006 Superamerica. Outside the Ferraris, the 1994 Bugatti EB110 Super Sport is catching our eye. Featured Video:

FCA's European boss quits after losing out as Marchionne's replacement

MILAN — Fiat Chrysler's European boss has quit, adding to the problems facing new CEO Mike Manley, who must deliver on promises to boost production of SUVs and catch up with rivals in electric cars. Jeep division head Manley was named on Saturday to succeed Chief Executive Sergio Marchionne, one of the auto industry's most tenacious and respected leaders, who fell seriously ill after suffering complications following surgery. It emerged on Monday that Alfredo Altavilla, head of Fiat Chrysler's business in the Europe, Middle East Africa had resigned, according to a source with knowledge of the matter. He had been a rival for the top job along with Manley and Chief Financial Officer Richard Palmer. It's another complication to new CEO Manley's task of executing his predecessor's plan to keep the world's seventh-largest carmaker competitive in the absence of a merger. Marchionne had been due to step down next April, so the market reaction was limited on Monday. The shares initially fell more than 5 percent, but then pared some losses and were down 2.4 percent by 0930 GMT. "The downside may be modest, at least in the next 12 months. But long-term concerns will build — Marchionne ran FCA in a command and control style, with constant firefighting measures," said Bernstein analyst Max Warburton. Fiat Chrysler Automobiles (FCA) said British-born Manley would pursue the strategy that Marchionne outlined last month. FCA has pledged to increase production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It also unveiled bold targets for Jeep, which has become FCA's ticket to creating a high-margin brand with global appeal. Reviving struggling brands Analysts said that choosing Manley, 54, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan. "Manley knows that his primary focus is on execution and that, already, he has a strategy into which his team has bought," said George Galliers, an analyst at Evercore ISI. "There is no reason the 2022 plan cannot be executed." Under Manley, the company is expected to sharpen its focus on revamping individual brands, including ailing Fiat in Europe, Chrysler in the United States and Alfa Romeo, which has yet to turn a profit despite multibillion-euro investments.