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Marchionne's FCA-GM merger might come after Ferrari spinoff

Sergio Marchionne is continuing to rumble about working out a merger with General Motors, but don't expect anything big to happen before at least early next year. That's because Marchionne would likely wait for the Ferrari spin-off to be complete before beginning his next big deal, according to Automotive News. While the Ferrari IPO on the New York Stock Exchange is expected in the coming weeks, that only concerns 10 percent of the shares. The remaining 80 percent of stock is being distributed among shareholders in 2016. Piero Ferrari holds the final 10 percent with no intention to sell. This strategy allows FCA to claim 80 percent of the Prancing Horse's profits in the automaker's 2015 financial results. According to Automotive News, the tactic has other advantages, as well. FCA would be flush with cash by waiting for the spin-off to be complete, and it would keep Ferrari separate if a GM merger actually happens. Marchionne thinks Ferrari could be valued at over $11 billion in the IPO, and it could make FCA $3.3 billion richer when complete. Marchionne believes a combined FCA/GM could sell 17 million vehicles a year globally and rake in $30 billion in earnings. In the CEO's opinion, the two automakers are wasting money by developing components to do the same things on their vehicles. Although, so far the General's top execs are rebuffing all of his advances.

That aluminum-bodied '69 Ferrari Daytona barn find sold for $2.2M

Barn finds are a strange thing. The idea that some beautiful or rare car can simply be locked away and forgotten about seems unthinkable to many enthusiasts. Still, there's entire communities and several television shows dedicated to unearthing these vehicles. One of the most notable finds in recent memory was the sole road-going aluminum-bodied 1969 Ferrari 365 GTB/4 Daytona in existence. The car just sold for about $2.2 million at an RM Sotheby's auction this past weekend. According to the auction house, this is the 30th of just over 1,200 Ferrari Daytonas ever built. This particular car was found stowed away in Japan, having sat collecting dust and dirt for nearly 40 years. While five aluminum-bodied Daytonas were built for racing, this is the only known street car with aluminum body panels. According to an evaluator, the engine and transaxle are both numbers matching. The odometer reads 36,390 kilometers, or about 22,611 miles. That number is believed to be accurate. All the aluminum body panels wear the correct Scaglietti markings. This car has Rosso Chiaro paint over Nero leather (red over black). Other options include Plexiglas headlamps and power windows. The interior is said to be in surprisingly good shape. The car sold for just more than its initial estimate. Let's hope the new owner gets it back into running condition. Related Video: Featured Gallery 1969 Ferrari 365 GTB/4 Daytona Berlinetta Alloy View 25 Photos News Source: RM Sotheby's Ferrari Auctions Coupe Classics

Ferrari plans 15 new models, shares name of its SUV

MARANELLO, Italy — Ferrari plans to launch 15 new models, including hybrid cars, a utility vehicle and more special editions as part of its new chief executive's efforts to double core earnings by 2022. The supercar maker shifted to a guidance range for adjusted core earnings of 1.8-2.0 billion euros ($2.1-2.3 billion) by 2022, rather than the 2 billion figure set by late Ferrari boss Sergio Marchionne. But his successor sought to reassure investors that the company can maintain recent strong growth. "This is an ambitious plan, but a doable one based on a concrete, detailed framework," Louis Camilleri said on Tuesday at the company's Maranello headquarters in Italy. Ferrari shares gained 0.6 percent by 1330 GMT, recovering from earlier losses. The stock slid more than 8 percent on Aug. 1 when Camilleri described Marchionne's targets as "aspirational." Marchionne's sudden death in July jolted investors who had expected the auto industry grandee to remain at the wheel until 2021, having more than doubled Ferrari's market value since taking it public in 2015. Camilleri and his team outlined a plan to show how a brand known for its racing pedigree and roaring combustion engines will shift to making a utility vehicle and hybrid cars and boost margins to over 38 percent without sacrificing exclusivity. The company increased its dividend payout ratio and announced a 1.5 billion-euro share buyback plan. Its marketing chief also promised a "significant increase in average retail price." Following Marchionne's roadmap With margins at 30 percent now, strong pricing power and an enviable customer waiting list, Camilleri inherits a business firing on all cylinders and 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 brand rather than a carmaker, and managed to do what few thought possible: sail through a self-imposed production cap of 7,000 cars a year without sacrificing pricing power or its exclusive appeal. Ferrari has clocked up years of record earnings, helped by special editions and a customization program. But it could prove tough to maintain the company's high valuation as emissions rules tighten, capital spending increases and the diverging interests of investors, racing fans, owners and collectors become harder to balance.