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Ferrari investors want assurance on goals, SUVs on eve of vehicle reveal

MILAN — Ferrari's new boss has his work cut out on Tuesday to convince investors that the supercar maker can hit mid-term targets he described last month as "aspirational." The company's share price slid more than 8 percent on Aug. 1 after Louis Camilleri said he saw "risks" ahead, with investors worrying he may have sought to lower expectations on the targets set by his predecessor, Sergio Marchionne. Former tobacco exec Camilleri was appointed Ferrari CEO in July, succeeding Marchionne, who died from complications following surgery. The sudden change jolted investors who had expected Marchionne to remain as CEO and chairman until 2021, having more than doubled Ferrari's value since taking it public in 2015 and pledged to double core earnings (EBITDA) to 2 billion euros ($2.3 billion) by 2022. It also left Camilleri to finish scripting a strategy to show how the company known for its racing pedigree and roaring combustion engines would shift toward making a sport utility vehicle (SUV) and hybrid cars while increasing shipments without sacrificing its exclusivity. "Investors want to hear whether Ferrari confirm the 2 billion euro figure, which was already seen as ambitious and now somewhat put in question by the new CEO," said Emanuele Vizzini, general manager at Milan-based investment fund Investitori Sgr. "And how they plan to expand the portfolio, including an SUV." 'Nurture what he's found' When Camilleri faces investors at Ferrari's Maranello headquarters on Tuesday he is not expected to stray far from his predecessor's script. Marchionne had orchestrated Ferrari's spinoff from parent Fiat Chrysler, positioned it as a luxury icon rather than a carmaker and managed to do what few thought possible: sail through a self-imposed cap of 7,000 cars a year without sacrificing pricing power or its exclusive appeal. "Ferrari is running almost on autopilot ... Camilleri should not take any risks at this stage but nurture what he's found," said Carlo Gentili, CEO at asset manager Nextam Partners. When Ferrari's share price hit a record high of 129.50 euros in June, the company that sold slightly fewer than 8,400 vehicles last year was worth about 24 billion euros. That is almost as much as Fiat Chrysler <FCHA.MI>, which shipped 4.7 million cars. With profit margins above 30 percent, strong pricing power and a healthy customer waiting list of more than a year, Camilleri inherits a business that is firing on all cylinders.

Despite early struggles, Ferrari F1 still has Mercedes in its sights

It would be an understatement to say that Ferrari has not had the opening to the 2016 Formula 1 season that it had hoped for. Having come in to the new campaign brazen about wanting a winning start, that Mercedes has taken all the poles and all race victories so far has come as a disappointment. There have been other headaches too – including reliability problems for both Kimi Raikkonen and Sebastian Vettel, and of course the points lost with the China/Russia incidents with Daniil Kvyat. But perhaps of more concern is that the trend of performance has not pointed towards a narrowing of the gap between Mercedes and Ferrari – as the Silver Arrows advantage seemed greater than it had been any point this season in Russia. So with the results against it, and it seemingly having no response in pace terms, the cynics are already suggesting that it is game over for Ferrari's 2016 title ambitions. But that is not how Maranello itself sees the situation: and it still has reason to believe not only that there is plenty to play for this season: but that it can take the fight to Mercedes. Pressure game Ferrari is well aware that it needs to quickly make up lost ground in both championship standings (Mercedes has more than double its point haul) and pace terms. But rather than be downbeat about what has happened, team principal Maurizio Arrivabene still senses opportunities: especially with Mercedes appearing to be on the edge in reliability terms. And it this area that he thinks needs to be exploited to give Ferrari the opening it needs. "If you have before you a team that has won four races out of four, you cannot but take note that they are very strong," he said after the Russian Grand Prix. "But if we look at what happened to [Lewis] Hamilton [with engine problems in qualifying], we see that they also have had reliability problems. "We must put pressure on them. That is our first goal. "All their problems have happened on a single car, while ours have happened on both. But there are still 17 races to go, that is something worth emphasising, so there time to make up the difference." Power battle Ferrari introduced an upgraded engine at the Russian Grand Prix that it hoped would lift it closer to Mercedes in the power stakes. But the weekend appeared to show that wasn't the case, with Mercedes' advantage on the Sochi circuit – the fourth most power-sensitive venue on the calendar – appearing bigger than ever.

First Ferrari LaFerrari hits the auction block

If you haven't laid down your $1.4 million to be one of 499 people to own the new Ferrari LaFerrari by now, then you're already too late. Fortunately, Ferrari's new hybrid supercar has just been listed by German auction site SEMCO Gmbh, meaning that you still have a shot at owning one, but it'll cost you - dearly.
With just 124 miles on the odometer, this particular LaFerrari is being listed at 2.38 million euros - more than $3.2 million USD. But hey, at least that includes the Value Added Tax, eh? If the seller manages to command that asking price, it would be an incredible return on investment every bit as fast as the car itself, which in case your mind needs refreshing, is very fast indeed. Top Speed? Try 217 miles per hour and a 0-60 time of under three seconds.