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Ferrari family won't sell stake in company

Ferrari may be splitting off from the Fiat Chrysler Automobiles group and launching its IPO independently, but those stocks it's going to float are coming out of Fiat's hands. The small portion still held by the Ferrari family looks destined to stay in their control for the time being. According to the latest report from Reuters, Enzo's son Piero says he has no intention of selling any of the 10 percent interest he and his family hold in the company founded by his late father. "I have never sold and I have no intention of doing so," said Piero, as quoted in the report. Piero Ferrari is the illegitimate son of Enzo Ferrari and his mistress Lina Lardi. His half-brother Dino died in his twenties from complications associated with muscular dystrophy, and in accordance with Italian custom, Piero was only acknowledged as Enzo's heir after the death of the father in 1988. Representing the family's holdings, Piero still acts as vice-chairman of the company but devotes his day-to-day to running aerospace manufacturer Piaggio Aero. News Source: ReutersImage Credit: Marco Vasini/AP Earnings/Financials Ferrari stock piero ferrari

European Auto Group in Texas building a six-speed manual Ferrari 458

In February, European Auto Group in San Antonio, Texas, went public with our kind of wonder car: A Ferrari F430 Scuderia with a gated six-speed manual transmission. The standard F430 did offer a six-speed manual from the factory; the hardcore Scuderia version did not. It took a lot of work, and EAG apparently did the work right; Matt Farah called the coupe "The world's greatest Ferrari." CarBuzz spoke to EAG owner Art Bartosik about what's next, and Bartosik spilled just a bit of goss about the car he'll soon reveal: a Ferrari 458 with a gated six-speed manual. Whereas the 430 Scuderia didn't offer a stickshift, the 458 Italia wasn't even designed with one in mind. The 4.5-liter V8 with 562 horsepower and 398 pound-feet of torque only ever swapped gears with the Italian carmaker's dual-clutch F1 transmission. The 458 has a manageable 52 hp and 51 lb-ft more than the F430 Scuderia, but EAG needed to work up a gearbox to fit the available space. Bartosik didn't divulge how he made that happen for the 458. The reworked F430 Scuderia used all OEM Ferrari parts since they were available; not so for the later car. The DuPont Registry said EAG built "a transmission with upgraded synchros" to handle the additional power, had to find a suitable clutch and suggests the firm went through a lot of prototypes, but doesn't ID the gearbox source. All Bartosik would tell CB is that there's a limited supply and he'll "only be able to build around 10 or 11 of them." Seems there are already more customers than that ready to wire funds for purchase, unsurprisingly. Bartosik said, "People are screaming for a manual 458 and 488. If the demand wasn't there, we wouldn't do it." A final development car is a few months away, with customer builds scheduled to begin in January 2020. And what might EAG do after the run is complete? Maybe a six-speed manual Lamborghini Huracan, which owners have already asked about. "The Huracan should be easier than Ferrari," Bartosik said, "because there's hidden stuff in there that gives us more flexibility." Seems manual gearboxes, like life in "Jurassic Park," will always find a way.

Ferrari third-quarter profit doubles on one-off tax break

MILAN — Ferrari says its net earnings doubled in the third quarter thanks mostly to one-off tax benefit. The sports car maker said Monday that net earnings were 287 million euros ($327 million) compared with 141 million euros a year earlier. The company said earnings grew 5 percent when excluding the so-called patent box tax break, agreed on with Italian authorities, covering use of copyrights, patents, trademarks, design and know-how. Deliveries were up 11 percent to 2,262 vehicles driven by sales of the 812 Superfast and the Ferrari Portofino, with revenues flat at 838 million euros. Europe and Middle East sales were up by double digits to 1,005. The Americas grew by 5 percent and greater China by 7 percent. Ferrari forecast full-year sales at over 9,000 cars with profits of 1.1 billion euros.Related Video: