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Ferrari hybrids, SUV are in the plan to double earnings by 2022

Italian carmaker aims for core earnings of 2 bln euros by 2022 CEO Marchionne does not rule out smaller engines in the future If true electric supercar is ever made, it will be a Ferrari - CEO Shares rise more than 8 percent after mid-term targets released MILAN — Ferrari is looking to double core earnings to 2 billion euros ($2.5 billion) by no later than 2022 and become debt free a year earlier, betting on firm demand for supercars and new launches, including hybrids and an SUV. CEO Sergio Marchionne does not expect to double deliveries, but aims to keep pushing technological boundaries, launch new special editions and expand a customisation program to drive profit margins, which stood at 30 percent last year. Ferrari is also expanding its product range to vehicles that appeal to a larger demographic. Hybrids will be part of the portfolio from 2019, and an SUV is expected to be launched by late 2020. Downsizing engines was a possibility in future as long as Ferrari's uniqueness is preserved, Marchionne said. "We are absolutely convinced that these numbers are doable," Marchionne told analysts on a conference call, adding that profit margins could rise to at least 36 percent by 2022. "The house is firing on all cylinders, we are in a good place." The Italian group's medium-term outlook helped push its shares up more than 8 percent at one point on Thursday. They closed 7.5 percent higher at 103.2 euros. Ferrari's forecast suggests an average annual core earnings growth of 14.1 percent, or 17.9 percent, if it achieves the target a year early, said George Galliers, an analyst at Evercore ISI. "This type of earnings growth is unlikely to be seen by any other automotive OEM over the coming five years," Galliers said. However, he said the stock was not cheap and it remained to be seen if projected growth would be enough to attract investors over the coming months. After being spun off from Fiat Chrysler two years ago, Ferrari has sought to show it can increase profits without the backing of its parent. The group has clocked up several years of record earnings, helped by a number of special edition models. Ferrari reported on Thursday an 18 percent rise in 2017 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to 1.04 billion euros, in line with analysts' expectations and helped by sales of its 12-cylinder models. They include the GTC4Lusso and the 812 Superfast, the company's most powerful model to date.

The 24 Hour War: Adam Carolla's new documentary brings the Ford-Ferrari battle back to life

Long before the GoPro or even videotape, races were filmed by guys standing next to the track with 16-millimeter cameras. The images kind of shook, they didn't always hold focus, and over the years all the color has faded out of the film. It all conspires to make the endurance racing battle between Ferrari and Ford in the 1960s seem like ancient history. What Adam Carolla and Nate Adams' new documentary The 24 Hour War does best is make that inter-corporate battle feel as if it happened yesterday. Yeah, if you're an obsessive you've likely seen most of the shaky-cam race footage used here before. But what you haven't seen are the interviews that frame the war and explain the egos and engineering behind the legends. It's not a perfect movie, but it's the sort of movie only fanatics could make. And it's easier to appreciate if you're a fanatic too. The first 25-or-so minutes of the documentary are taken up with histories of both Ford and Ferrari and an overview of how ridiculously deadly motorsports were in the Sixties and earlier. It's all interesting (if familiar) stuff, that could have been handled in about a third the time with some brutal editing. Still, the two protagonists in the story are well drawn: the racing-crazed Enzo Ferrari, who only builds road cars to stay solvent; and Henry Ford II, who after being thrown into the deep end of the Ford Motor Company management in 1943 at the age of 25, wasn't going to be humiliated after Ferrari pulled out of a deal to sell him the sports car maker. With one notable exception, the filmmakers were successful in rounding up practically everyone involved who is still alive for an interview. That includes Dan Gurney, Mario Andretti, Pete Brock, Bob Bondurant, Piero Ferrari, Mauro Forghieri, Carlo Tazzioli, and even Ralph Nader. There are good archival insights from the late Carroll Shelby. But where's A.J. Foyt? After all, he co-drove the stupendous Ford GT40 Mark IV with Dan Gurney to victory at Le Mans in 1967. The interviews make the movie worthwhile, but it cries out for more technical depth about the cars themselves. Yes, the GT40 was complex and engineered practically like a production car, but there's no mention of how the Lola Mk VI and Eric Broadley kicked off the development. There's only a superficial explanation of what made the American-built Mark IV such a leap forward.

The pre-race and first in-race report from Le Mans

The 2013, 90th anniversary edition of the 24 Hours of Le Mans has begun, tragedy marking the opening laps with the death of Allan Simonsen. We're at the track now as a guest of Audi and plan to stay through the evening, and even we haven't been able to find out what caused the accident - the only video is from just after the incident, and beyond the statement from ACO there's been no more news. The Aston Martin in the LM GTE Am class and its all-Danish drivers had taken pole in its class and was one of the favorites to win.
The pre-race report will come first, and even thought we can't spoil the race because we're only five hours into it at the time of writing, we'll put all of the news at the end in case you don't even want the updates.
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