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Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

2017 Ferrari GTC4Lusso First Drive

The Ferrari FF is a monster, a four-wheel-drive bread van with a 6.3-liter V12 that people like us have adored since it arrived in 2011. It's great to drive and better to look at, a shooting brake with more power, less practicality, and a higher price tag than pretty much anything else in this shape. Ferrari has sold almost 6,000 of them, handily beating its target of 800 per year. It was a success by any measure. Its replacement, the GTC4Lusso, might sound like something out of Ferrari's mad, bad Sixties brochures, but under the skin is pretty much the same aluminum-alloy space frame of the FF. Ferrari has carefully listened to its critics on practicality, price, and power, and duly made the GTC more powerful, pricier, and not much more practical. There have been some slight stylistic adjustments. A scallop was cut into the front fender and door skins to reduce the visual weight, and the roofline has been extended, terminating in a slight spoiler at the waist, which is said to improve aerodynamic efficiency by up to six percent. It looks sharp and mean on its 20-inch five-spoke alloys, although some of the detail, such as the wing vents and the absurdly long hood, verge on the cartoonish. The basic 65-degree, 6.3-liter, quad-cam V12 stays largely the same, but has a higher compression ratio and redesigned cylinder heads and pistons, which make the fuel/air mix burn more efficiently and consequently provides 30 more horsepower. The engine shrieks to 8,250 rpm, but peak power is 681 hp at 8,000 rpm with peak torque of 514 pound-feet produced at 5,750 rpm. Top speed remains the same at 208 mph, but the 0–62 mph acceleration time comes down slightly to 3.4 seconds. US gas mileage is yet to be homologated, but the European-cycle figures improve slightly – not that you care. The engine drives a rear-mounted, seven-speed, twin-clutch transaxle and then there is that extraordinary four-wheel-drive system, which consists of a simple, helical-cut, hydraulically controlled gearbox running off the front of the crankshaft. It weighs 100 pounds and has two speeds plus reverse and a couple of Haldex-type clutches to activate each wheel when required in first to fourth gears and at speeds below 124 mph. New for the GTC is a ZF rear-steering system, a ram powered by an electric motor that pushes the rear suspension against its bushings to give a couple of degrees steering in either direction.

Ferrari hybrid V8 arriving next year, could power Ferrari SUV

Ferrari CEO Sergio Marchionne told Auto Express that the world can expect a V8 hybrid from Maranello next year. He said, "The test mules are out now," but what he wouldn't tell the Brit mag is where that V8 hybrid will go. Everything else in Ferrari's lineup has been recently introduced or refreshed save for the 488, but the 488 is just two years old. With all of the current cars ruled out, the bettors wager on the hybrid V8 appearing in the Ferrari SUV that's also due next year. We've no idea how Maranello engineers will structure the electrical assistance, but Marchionne indicated "more of a traditional hybrid [than the LaFerrari] to fulfill a different role." That means a strictly performance-based kinetic energy recovery system likely steps aside for one that will "yield additional performance" as well as better fuel economy. In further comments to Top Gear — where he expressed a touch of disappointment in the firm's GT car designs and the possibility of a 250 GTO continuation — Marchionne said, "The hybrid element will be much more of a mainstay of the powertrain than it was in the LaFerrari." Look out for plug-in charging and some kind of all-electric range. If all of this speculation holds up come 2019, it also means the Ferrari SUV will reverse its competitors' playbooks — the Bentley Bentayga and Lamborghini Urus, for instance, established themselves with their mightiest powertrains, then got around to plug-in hybrid models. A hybrid SUV would be smart, as we're coming up on an emission target escalation in 2020. Those targets only apply to carmakers selling more than 10,000 units per year, Ferrari sold nearly 8,400 cars last year and aims to crack 9,000 sales this year. The SUV will certainly put the Prancing Horse over the 10K barrier, and as a volume seller, relatively speaking, will make a worthwhile contribution to emissions values. Of course, you have to write Marchionne's quips in pencil, because they're prone to revision. It was only two years ago when Marchionne answered a question about the mere possibility of an SUV with, "You have to shoot me first." Later that same year, Marchionne said every Ferrari sold from 2019 onward would have some sort of hybrid element.