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Ferrari stock sale pegged for October, or later

The Ferrari IPO is still coming, but it won't be before Columbus Day (Monday, October 12, that is), according to Fiat Chrysler Automobiles CEO Sergio Marchionne. The outspoken exec is blaming tax reasons for the fourth-quarter date, according to a report from Reuters. Marchionne said a full year needed to pass between FCA's October 13, 2014 Wall Street debut and any additional listing. This isn't the first delay in the Ferrari IPO. FCA was originally supposed to make a 10-percent offering of Ferrari during second or third quarter of 2015, before officially pushing things back to the third quarter of this year. Now, it's unclear if Ferrari will even go public before the dawn of 2016. Related Video: News Source: ReutersImage Credit: Marco Vasini / AP Earnings/Financials Government/Legal Chrysler Ferrari Fiat Sergio Marchionne FCA fiat chrysler automobiles

FCA's European boss quits after losing out as Marchionne's replacement

MILAN — Fiat Chrysler's European boss has quit, adding to the problems facing new CEO Mike Manley, who must deliver on promises to boost production of SUVs and catch up with rivals in electric cars. Jeep division head Manley was named on Saturday to succeed Chief Executive Sergio Marchionne, one of the auto industry's most tenacious and respected leaders, who fell seriously ill after suffering complications following surgery. It emerged on Monday that Alfredo Altavilla, head of Fiat Chrysler's business in the Europe, Middle East Africa had resigned, according to a source with knowledge of the matter. He had been a rival for the top job along with Manley and Chief Financial Officer Richard Palmer. It's another complication to new CEO Manley's task of executing his predecessor's plan to keep the world's seventh-largest carmaker competitive in the absence of a merger. Marchionne had been due to step down next April, so the market reaction was limited on Monday. The shares initially fell more than 5 percent, but then pared some losses and were down 2.4 percent by 0930 GMT. "The downside may be modest, at least in the next 12 months. But long-term concerns will build — Marchionne ran FCA in a command and control style, with constant firefighting measures," said Bernstein analyst Max Warburton. Fiat Chrysler Automobiles (FCA) said British-born Manley would pursue the strategy that Marchionne outlined last month. FCA has pledged to increase production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It also unveiled bold targets for Jeep, which has become FCA's ticket to creating a high-margin brand with global appeal. Reviving struggling brands Analysts said that choosing Manley, 54, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan. "Manley knows that his primary focus is on execution and that, already, he has a strategy into which his team has bought," said George Galliers, an analyst at Evercore ISI. "There is no reason the 2022 plan cannot be executed." Under Manley, the company is expected to sharpen its focus on revamping individual brands, including ailing Fiat in Europe, Chrysler in the United States and Alfa Romeo, which has yet to turn a profit despite multibillion-euro investments.

Phony Fauxrrari and Shamborghini replicas seized in Brazil

A shop in the state of Santa Catarina in Brazil has been raided and shut down by police after it was discovered that it was turning out shoddy replica supercars. The Fauxrrari and Shamborghini (we borrowed the latter clever term from the Associated Press) copies themselves look impressively detailed considering that they were reportedly coming out of a father-son operation, but the engineering, underpinnings and powertrains are surely a wee bit shy of what's flowing out of the real factories in Italy. According to the Folha de Sao Paulo newspaper, one replica was powered by the engine from a Chevrolet Omega, which we knew at one time in the U.S. as the Cadillac Catera. Scrolling through the image gallery above, though, we see at least one Ferrari knock-off that appears to have a bright red intake manifold behind the passenger compartment, so who knows? Police reported that the replicas were being offered on unknown social media channels for between $45,000 and $60,000. Needless to say, that's nowhere near the price of a real Ferrari or Lamborghini. And this isn't the first (and likely, not the last) time this has happened, either. According to the AP, the raid was conducted after at least one of the Italian marques tipped off authorities. Eight vehicles in various states of completion were found, along with tools, molds and what looks to be a treasure trove of car parts. It's not clear how many finished vehicles may have rolled out of the shop, or how many may already be in the hands of buyers. The father and son duo who ran the operation have been arrested on industrial property charges.