1961 Ferrari 250 Gt California Spider "prototype Modena" on 2040-cars

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Montezemolo says he has "no good news" on Schumacher

Former Ferrari president Luca di Montezemolo said on Thursday that he has "no good news" about Michael Schumacher's condition. Speaking to journalists on stage in Milan at the Quattroruote Day, where he was awarded the Premio Gianni Mazzocchi in memory of the newspaper's founder, di Montezemolo was asked about the seven-time world champion. And more than two years on from the skiing accident that left Schumacher with serious head injuries, di Montezemolo suggested there had been no positive developments. "I have unfortunately not good news," di Montezemolo said on stage. "Michael was a great driver, and we experienced a long time together in both our personal and professional lives. But life is really strange. "He was the most successful driver of Ferrari and in his career he had only one accident, in 1999. But unfortunately a fall in a ski accident has had serious consequences." The Schumacher family has kept details of the German's conditions a closely guarded secret, although has made it clear that he faces a long recovery. Earlier on this year, Schumacher's manager Sabine Kehm slammed as 'irresponsible' a report that he was able to walk again. "Such speculation is irresponsible, because given the seriousness of his injuries, his privacy is very important for Michael," she said. "Unfortunately they also give false hopes to many involved people." This article by Jonathan Noble originally appeared on Motorsport.com, the world's leader in auto racing news, photos and video. Image Credit: AFP via Getty Images Celebrities Motorsports Ferrari F1 michael schumacher luca di montezemolo

Ferrari California T gets sharper edge with Handling Speciale package

It's been about two years since Ferrari updated the California to T-spec with a 3.9-liter, flat-plane crank, twin-turbocharged engine, and we found it to be a suitable change – rewarding to drive, and compelling to experience. Now Ferrari has introduced a new handling option, which will debut at the upcoming Geneva Motor Show in March, which should add a sharper edge to the roadster. Like most handling packages, the springs and dampers get the most attention. The magnetorheological dampers fitted to the conventional California T get changes that increase their response time to changing road conditions. As before, damper settings are controlled via the steering wheel manettino, and the most aggressive change is to be found in the Sport setting. The front springs are stiffer – 16 percent up front, 19 percent in the rear – which will aid body control in all axes. Ferrari claims that, overall, the setup only marginally reduces the ride comfort. It'll take driving a Handling Speciale-equipped car to find out. The changes go beyond just handling hardware. Shifts are faster in Sport mode, both in automatic and manual modes, thanks to recalibrated transmission logic. Ferrari's engineers also found some additional corner exit speed by tweaking the F1-Trac stability control system's programming. The company claims this tweak also helps with acceleration on bumpy surfaces. Cosmetically, the California Ts with the Handling Speciale package will feature a matte grille, a rear diffuser with matte-painted fences, and matte black tailpipes. A special-edition plaque, located in the cabin, is also standard, Finally, in a very Italian move, the exhaust note has been recalibrated "to underline the performance gains." That is to say, if you don't happen to have a skidpad handy to do a direct measurement of the increase in cornering capability – which, it should be noted, Ferrari doesn't quantify – the sportier sound will serve as a psychological reminder. There's no claim that the new exhaust system changes the engine's output – cars so equipped make the same 553 hp at 7500 RPM as the model we tested back in 2014. Look for the Handling Speciale package to debut at the Geneva Motor Show.

Ferrari stock falls after new CEO calls Marchionne's goals ‘aspirational’

MILAN — Ferrari's new boss sought to reassure investors that he would execute midterm targets set by his predecessor, Sergio Marchionne, but the stock has fallen by 12.5 percent since Wednesday after he described the goals to 2022 as "aspirational." Louis Camilleri was appointed chief executive of the Italian supercar maker on July 21, succeeding Marchionne, who fell seriously ill and later died after suffering complications following surgery. The sudden change jolted investors who had expected Marchionne, who nearly tripled Ferrari's value since taking it public in 2015, to stay on as CEO and chairman until 2021. It also left Camilleri, 63, to finish scripting a midterm strategy that will be presented in September and is meant to show how the company plans to achieve financial targets unveiled earlier this year, notably a goal to double core earnings to 2 billion euros ($2.33 billion) by 2022. In a post-results conference call with analysts, Camilleri said he and Marchionne, with whom he had interacted for years, shared the same ambitions for the company. The tobacco veteran, chairman and former CEO of Philip Morris International has served on the Ferrari board since 2015, while Marchionne in turn sat on the board of PMI. Asked about how he planned to deliver on the targets set by his predecessor, Camilleri said he would provide details during capital market days to be held on Sept. 17-18 at the company's headquarters in Maranello, Italy. "They are aspirational targets. At the capital markets day, we will tell you how we plan to get there," he said. "We will also have to disclose potential risks to that, but also significant opportunities that we see going forward." Ferrari's Milan-listed shares fell after the comments, and its shares on the New York Stock Exchange fell from a Wednesday high of $134.77 to $117.99 on Thursday morning. Tough act to follow At Ferrari, Camilleri has a tough act to follow. Marchionne orchestrated Ferrari's spinoff from parent Fiat Chrysler, positioned it as a luxury icon rather than a car manufacturer, and managed to do what few thought possible: sail through a self-imposed cap of 7,000 vehicles per year without sacrificing pricing power and exclusive appeal. When its share price hit a record high of 129.90 euros in June, the company that sold just under 8,400 vehicles last year was worth around 24 billion euros, almost as much as Fiat Chrysler, which shipped 4.7 million cars.