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Montezemolo steps down, Marchionne steps up as chairman of Ferrari

If the history of an automaker is divided up by the mandate of its leadership, then this is surely the end of an era for Ferrari. After repeatedly locking horns with Fiat Chrysler CEO Sergio Marchionne over a variety of issues, longtime Ferrari chairman Luca di Montezemolo has announced his resignation.
Montezemolo has a long history with both Fiat and Ferrari. He started his career at the former before moving over to the latter in 1973 (only a few years Fiat took over half of Ferrari), starting out as Enzo Ferrari's assistant. He was appointed head of the Scuderia the following year, driving the team to success and subsequently taking over all of the Fiat group's racing activities. After the Prancing Horse marque struggled in the wake of its founder's death in 1988, Montezemolo was appointed to take it over in '91 and has been at the helm ever since.
Following Fiat chairman Gianni Agnelli's passing in 2003, both Montezemolo and Marchionne were named to the Fiat board. A year later, after the passing of Gianni's younger brother Umberto, Montezemolo was named chairman of the Fiat Group (to be succeeded six years later by Agnelli heir John Elkann) and Marchionne its chief executive.

Michigan man gets jail time for Ferrari engine sale

Tax evasion is not something to mess about with. Ask Al Capone. For most of us that sell stuff, though, it's not something we really think about. Are you honestly going to pay taxes on that old iPhone 5 you sold? The couch with the questionable stain? No, because paying tax on something you sold for a relative pittance is just a pain in the butt. If you sell one of Aurelio Lampredi's Ferrari engines – used in a range of vintage racers, including the 750 Monza shown above – for over $600,000, you might want to make a point of paying the taxes on your profits. A Michigan man found that out the hard way, Reuters reports, after selling the Lampredi engine in 2009. 71-year-old Terry Myr of Smiths Creek, MI, was convicted in April of tax evasion and four counts of failing to file a tax return and was sentenced to two years in prison and two years of supervised release on Thursday. He was also ordered to pay $738,904 in back taxes, interest, and penalties – he already owed $195,000 in back taxes before his conviction – by a US District Court judge, Reuters reports. Now, this wasn't a simple case of Myr forgetting to set some money aside from the sale. The buyer wire-transferred the $610,000 into a corporate account he made the week prior. Then, Myr promptly withdrew $360,000, which he used to buy silver and gold coins, while the remainder was transferred to other accounts – be they personal or corporate – or simply used for checks to cash. Hence the tax evasion charge. According to Reuters, no explanation was given as to how Uncle Sam uncovered the engine sale in the first place. Related Video:

'The best Lewis' Hamilton faces resurgent Ferrari in F1

SHANGHAI (Reuters) - Lewis Hamilton has raised his game but whether the Mercedes driver can deny Ferrari a second successive win of the season in China this weekend remains to be seen. On paper, the triple world champion is still the man to beat -- the most successful driver by far in Shanghai with four wins to date. "Lewis is the best Lewis that I've seen in the last four years, both on and off the track," said Mercedes team boss Toto Wolff after the Briton started on pole and finished second to Ferrari's Sebastian Vettel in the Australian season-opener. "He has become a pillar of this team and he proved that in Melbourne." But Vettel is leading the championship, the first time a non-Mercedes driver has done that since he took his fourth title with Red Bull in 2013, and once-dominant Mercedes have a fight on their hands. Mercedes, who have taken both the drivers and constructors' titles for the last three years, have won four of the last five races in China. As Melbourne showed, however, past form may count for little in a season of sweeping rule change. "If you think you are going to cruise to victory in the future, based on a track record of success, you'll be proven wrong very quickly," said Wolff. "Australia was a weekend full of lessons, now we go to China ready and excited for another battle." Ferrari have not started a season with consecutive wins since 2004 at the peak of the Michael Schumacher era, the Italian team taking 15 victories from 18 races that season. Vettel's win in Australia ended a victory drought for Ferrari stretching back to September 2015, and drew rare praise from company chairman Sergio Marchionne, but they must now prove they can be genuine contenders. "You really have to go step by step," said Vettel. "It's good to know that we have a great car but it's just the beginning: new regulations, new generations of cars so there will be a lot of progress." The cars this year are longer and wider, sporting fatter tires and more swept-back bodywork as part of a rules shake-up aimed at making them faster, more spectacular to watch and harder to drive. But overtaking has also become more difficult, with Australia raising concern about the lack of real moves. The long straights and wide sweeps of the Shanghai circuit saw 128 passes last year, more than at any other track, and should provide a more definitive verdict.