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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.

Ferrari Monza SP1 and SP2 are its most powerful road cars of all time

Ferrari just pulled the wraps off the limited-edition Monza SP1 and SP2, and successfully reminded the world that it still knows how to make a jaw-dropping car. We saw the supercars and learned a few details about them earlier today when someone posted pictures on Instagram from a private Ferrari event. Now we have all the details and official photos from Ferrari. Providing the thrust is the most powerful engine Ferrari has ever built for a road car. It took the 6.5-liter V12 from the 812 Superfast and eked out a few more ponies to get it to 809 horsepower and 530 pound-feet of torque. Ferrari says that's good for a 0-62 run in 2.9 seconds - oh yeah, there's no windshield either. The SP1 is a one-seater and the SP2 is logically a two-seater. They were designed to take us back down Ferrari's memory lane, namely those of the 1940s and 1950s era where the name "barchetta" grew from. In decidedly not-old news, though, both are made of carbon fiber and go over 186 mph. They're light, but not crazily so with the SP1 coming in at 3,307 pounds. The pair are also part of a new segment Ferrari is calling 'Icona,' which, as you may have guessed, translates to Icon. Ferrari thinks it solved the windshield delete issue too. Apparently the fairing ahead of the steering wheel and instrument panel is designed to disrupt part of the airflow when traveling at speed. We'd imagine a helmet might still be the smart option though. Ferrari only plans to build 500 of these cars and hasn't publicly announced a price, but it's safe to assume that they won't be cheap and your chances of snapping one up are slim to none. Featured Video:

Ferrari 458 Italia becomes most expensive prize ever on Price Is Right

In case you haven't been paying attention, it's "Big Money Week" on the long-running The Price Is Right televised game show. In a nutshell, it means that more than a million dollars in cash and prizes are up for grabs for those lucky enough to "come on down," play some games and correctly guess product retail prices.
Moments after opening the show Thursday, host Drew Carey broke the unexpected news. "Today you are going to see the single-most-expensive prize in the history of the daytime Price is Right," he boasted before the curtains were pulled back to review a brand-new Ferrari 458 Italia Spider.
To win the car, the contestant had to play "Three Strikes" - blindly pulling numbers out of a bag and putting them in the correct price sequence before grabbing three dreaded red strikes. As expected, your typical The Price Is Right contestant is about as familiar with today's retail Ferrari pricing as they are with fractional jet ownership. We won't spoil the fun of whether or not a lucky contestant gets to drive the $285,716 exotic home (and pay a midsize sedan's worth of taxes), but feel free to speed ahead to about the three-minute mark on the video below to watch the reveal.