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If you need a carbon-fiber-bodied Ferrari F12, meet the Caballeria

Customizing a Ferrari, or any exotic for that matter, is a tricky process. Extreme looks and performance mean tuners and designers can't push the envelope much further without getting into tacky territory. But Spanish designers Bengala have toed the line with the new F12 Caballeria. Based on the F12berlinetta, obviously, Bengala claims the Caballeria draws inspiration from Ferrari's GT3 racers. We don't see it, but sure. The all-carbon-fiber body includes numerous smaller tweaks – check out the vents behind the doors and the new hood, for example – on top of much more drastic changes. The restyled fascia, larger intake, carbon-fiber splitter, and massive rear diffuser are the most obvious callbacks to Ferrari's road-going racers, while it looks like Bengala plucked certain new elements, like the three louver-style vents on top of the front fenders, from other Ferrari production cars. Those are the rear fender vents of the F12 TdF, for example. Bengala also swapped out the wheels for an Alpina-like fan-blade design. If you have money burning a hole in your pocket and dig the Caballeria's style, it might not look like a bad purchase. But be warned, unlike some other noted Ferrari modifiers, it doesn't sound like Bengala made any changes to the F12's 6.3-liter V12 engine. The company's press release didn't call out any mechanical changes, although that means there's still 730 ponies on tap – it's probably not a deal breaker. Like most of its projects, Bengala will only build 10 F12 Caballerias. It expects to wrap up production by the end of summer 2017. Related Video:

Track lapping in Ferrari's new 488 GTB

With the floodgates opening on impressions about Ferrari's latest 488 GTB, Chris Harris is the latest person to climb into the driver's seat and give his initial opinions on the Prancing Horse's latest turbocharged effort. The 488 GTB is a hard vehicle to pin down, though. It looks vaguely like the naturally aspirated 458 but practically every component is thoroughly revised. While the headline-grabber is the 660-horsepower, 3.9-liter, twin-turbocharged V8 that's positioned behind the driver, the coupe also benefits from new adjustable dampers, upgraded brakes, and more. To figure things out, Harris laps the Prancing Horse around the track and eventually moves to some tight, Italian backroads. Of course being a video from Chris Harris on Cars, you can expect some big, smoky slides in addition to erudite thoughts on this Ferrari with forced induction.

Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.