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Ferrari to pay Fiat Chrysler $2.8B prior to spinoff

Fiat Chrysler Automobiles is trying to get capital together in a hurry to finance the automaker's growth plans. Among its strategies to raise money, Ferrari will be spun off from the FCA mothership next year with an initial public offering. However, the Italian supercar maker will be a couple billion dollars poorer at the start of its new life.
According to a filing with US regulators obtained by Automotive News, FCA intends to "enter into certain other transactions including distributions and transfers of cash from Ferrari currently estimated at 2.25 billion euros ($2.8 billion)" before it spins the supercar maker off. Those funds might include paying a dividend to investors, and FCA possibly transferring some of its debt to the Prancing Horse.
The Ferrari IPO will likely be in the second or third quarter of 2015, according to Automotive News. Ten percent of the automaker will go onto the public market in the US and possibly Europe too, and 80 percent will be distributed among current FCA shareholders. The other 10 percent is held by co-chairman Piero Ferrari, according to AN.

Ferrari SP38 is the latest one-off creation from the Prancing Horse

Ferrari has unveiled its latest one-off creation, called the SP38, a road- and track-going car built for "one of Ferrari's most dedicated customers" who has a "deep passion for racing." Swathed in a three-layer metallic red paint finish for its all-new body, the SP38 is built on the chassis and running gear of a donor 488 GTB and took its twin-turbo, twin-intercooler influence from the F40. Stylistically, the car concentrates its visual mass over the rear wheels, with a rear spoiler and engine cover reminiscent of the F40, with a wedge shape that narrows toward the front. "In plan view, the strongly tapered nose expands towards muscular wheel arches, giving the car potency and agility," Ferrari says. The engine cover sheds its rear glass and is a flip-up assembly done in carbon fiber, with three transverse slats to siphon off engine heat. At the back, the trailing edge of the rear spoiler "links seamlessly with the wing and with the aerodynamic diffuser at the bottom to create a suggestive frame surrounding the tail volume." Up front, inset headlights were designed to be as thin as possible, with daytime running lights relocated to a slim bumper lip similar to the 308 GTB. No word on the SP38's powertrain, but it seems likely that it's the 488's mid-engine 3.9-liter twin-turbo V8, which makes 660 horsepower and 560 pound-feet of torque. It'll go on display to the public on Saturday, May 26, at the Concorso d'Eleganza Villa d'Este on Lake Como in Italy. Related Video: Featured Gallery Ferrari SP38 Image Credit: Ferrari Ferrari Coupe Racing Vehicles Performance Supercars supercar ferrari f40 ferrari 488 gtb

Petrolicious goes running up that Hill in a Ferrari 250 GTO

We might not ordinarily run a seven-minute clip of in-car footage. But this is no ordinary car, it's not being driven by any ordinary driver, and it wasn't put up by just any YouTube user. This is video of a Ferrari 250 GTO once raced by Phil Hill, being driven by his son, Derek Hill, in a hillclimb for Petrolicious. The footage was captured during the making of a previous clip, entitled The Ferrari 250 GTO Speaks for Itself and released over a year ago. Since it was left over after production, the Petrolicious uploaded it here for our enjoyment. Of course the GTO should require no introduction, being one of the most sought-after classics the world has ever known. And neither should Derek Hill. While the former's clout goes without saying, Hill's skills warrant repeating. The late legend Phil Hill was one of the few Americans to succeed in European racing in the 1960s, with a Formula One World Championship title and three Le Mans wins to his name. Derek may never have reached his father's level of success, but he's won races and titles in both formula and sports-car racing, and was among the last to professionally race a Bugatti when he campaigned an EB110 at Daytona back in 1996. The point is, the guy can drive, and you can see that much for yourself from the video above. Related Video: