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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.

Ferrari California T has a turbo V8 lurking under new nose [w/video]

The Ferrari California might technically be the Prancing Horse's entry-level model, but there is nothing basic about the latest upgrade for the California T. Showing its face to the public for the first time at the Geneva Motor Show, it is now propelled by a 3.9-liter, turbocharged V8 with 560 horsepower and 557 pound-feet of torque, which equates to an extra 70 hp and a 49 percent increase in torque over the previous engine.
The forced induction mill is enough to accelerate it to 62 miles per hour in 3.6 seconds. Also not that many Ferrari buyers are going to care, but the switch also means a 15 percent improvement in fuel economy. Oh, and based on the video preview below, it sounds pretty good, too.
While the new engine is certainly the headline grabber, there are other upgrades as well: a top that closes in 14 seconds, new steering box, improved magnetic dampers and an upgraded traction control system. Pininfarina also reshaped the nose to make it more look like Ferraris of the 1960s. This is seems to be the best looking and performing California yet.

Mike Tyson's 1995 Ferrari F50 packs one helluva punch

Despite a reputation as a bit of a letdown following the now legendary Ferrari F40, the Ferrari F50 is still one of the most raw and unfettered sports cars to ever grace public roads. RM Sotheby's auctions is now selling a pristine 5,694-mile example that was once owned by former professional boxer Mike Tyson. Like Tyson, the F50 and its Formula One derived V12 is sure to leave a lasting impact on anyone that crosses its path. Though the celebrity tax varies from car to car, Hagerty's valuation tool says even a heavily used F50 is still a million-plus dollar car. RM Sotheby's expects the car to sell for between $2.2 and $2.4 million, slightly more than the $2.25 million estimate for a nearly flawless example, which this car appears to be. According to the listing, the car has never been driven hard and has been well maintained throughout its life. The 1990s weren't Ferrari's best years for design with soft edges and questionable fascias. Likewise, the F50 is a love it or hate it sort of design. The paint appears to be in good condition and free of any damage. The bare carbon fiber and leather interior shows little to no wear. The gated manual shifter connected to a 4.7-liter naturally-aspirated 520 horsepower V12 is a combo that's gone out of vogue. The engine is derived from the one that powered the Alain Prost's 1990 Ferrari 641 Formula One car. This car is number 73 out of 349 and one of only 50 built to US spec. Tyson sold the car with roughly 4,900 miles, with the rest accumulating since about 2005. The car's service records are incomplete, though it has had an a couple of engine-out services along a full electronic updates, a new rear seal, rebuilt oil and water pumps, the dashboard pod removed, serviced, and reinstalled, the lighting system upgraded, the ride height actuator replaced, new tires, new fuel bladders, a full brake system service, and new main seals. In addition, the car comes with two sets of tools in the front deck, owner's manuals and warranty booklet in their leather folio, wheel socket, car cover in bag, both the removable hardtop and emergency soft top with bag, utility light, its window sticker, and the "circus trunk" containing roll bars, and a carbon rear tonneau cover. Look for the car to head across the auction block on Saturday March 11. No Internet bidding, but if you have the cash to pony up the you probably can afford to be there in person. Related Video: