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Ferrari and FCA are officially separated

It's been a long time in the making, but it's officially happened: Ferrari is no longer part of Fiat Chrysler Automobiles. Following the Italian automaker's initial public offering, it has officially split off from its former parent company. As part of the spin-off, FCA's stakeholders will each receive one common share in Ferrari for every ten they hold in Fiat Chrysler. Special voting shares will be distributed in the same proportions to certain shareholders as well. Those shares being distributed will account for 80 percent of the company's ownership. Another ten percent was floated as part of the company's IPO, while the remaining 10 percent is held by Enzo's son Piero Ferrari (pictured above at center), who serves as vice chairman of the company. The shares will continue to be traded under the ticker symbol RACE on the New York Stock Exchange, and will begin trading this week as well under the same symbol on the Mercato Telematico Azionario, part of the Borsa Italiana in Milan. Since the extended Agnelli family headed by chairman John Elkann (above, right) holds the largest stake in FCA, expect it to continue controlling the largest portion of Ferrari shares as well. Between them, nearly half of the shares in the supercar manufacturer – and we suspect a little more than half of the voting rights – will be controlled by the Agnelli and Ferrari families, who are expected to cooperate to ensure the remaining shareholders don't attempt a takeover of the company. Similar to its former parent company, which operates out of Turin and Detroit, the Ferrari NV holding company is nominally incorporated in the Netherlands, but the automaker will continue to base its operations in Maranello, Italy. That's where it's always been headquartered, on the outskirts of Modena. For the time being, Sergio Marchionne (above, left) remains both chairman of Ferrari and chief executive of FCA – a position to which he is not unaccustomed, having previously headed both Fiat and Chrysler before the two officially merged. Related Video: Separation of Ferrari from FCA Completed LONDON, January 3, 2016 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA) and Ferrari N.V. ("Ferrari") (NYSE/MTA: RACE) announced today that the separation of the Ferrari business from the FCA group was completed on January 3, 2016. FCA shareholders are entitled to receive one common share of Ferrari for every 10 FCA common shares held.

Michael Schumacher's 50th birthday marked by celebrations, privacy

Against the backdrop of celebrations marking Michael Schumacher's 50th birthday on Thursday, the medical condition of Formula One's most successful driver remains just as fiercely guarded by his close family. More than five years after a near-fatal brain injury in a skiing accident, the seven-time F1 champion continues to be cared for in total secrecy at home in the quiet Swiss town of Gland on the shores of Lake Geneva. He has been there since being transferred from a hospital in September 2014. "You can be sure that he is in the very best of hands and that we are doing everything humanly possible to help him," Schumacher's family said in a rare statement Wednesday. "Please understand if we are following Michael's wishes and keeping such a sensitive subject as health, as it has always been, in privacy." It was while skiing with his teenage son Mick in the French Alps at Meribel that Schumacher fell on Dec. 29, 2013. He hit the right side of his head on a rock, splitting open his helmet. Doctors at Grenoble hospital removed blood clots, but others were left untouched because they were too deeply embedded in his brain. With unsourced stories abounding, updates on his condition went from scarce to non-existent as his family closed ranks around him . But the family understands the level of devotion toward Schumacher from his legions of fans. Coinciding with his birthday, the family is releasing the Official Michael Schumacher App offering a virtual museum tour of his greatest achievements. "The app is another milestone in our effort to do justice to him and you, his fans, by celebrating his accomplishments," the statement said. Seven titles Many of those accomplishments were with Ferrari, where the German driving ace won five of his seven F1 titles, in 2000 through 2004. (He won with Benetton in 1994 and 1995.) Ferrari is honoring his 50th with a special museum exhibition of his achievements at its Maranello headquarters in northern Italy. His stature is Ferrari folklore is immense, while his impact on F1 is unparalleled with perhaps the exception of the late Brazilian great Ayrton Senna. Schumacher's winners' aura was perhaps unfairly viewed from the outside as cold and distant, when in essence he was incredibly appreciative of those he worked closely with. In 2000, he delivered Ferrari from years of frustration with a first world title since Jody Scheckter in 1979.

Stellantis and LG launch joint venture for North American battery plant

Stellantis has struck a preliminary deal with battery maker LG Energy Solution (LGES) to produce battery cells and modules for North America, as the world's No. 4 automaker rolls out its 30 billion euro ($35 billion) electrification plan. Global automakers are investing billions of euros to accelerate a transition to low-emission mobility and prepare for a progressive phase-out of internal combustion engines. Stellantis and LGES's joint venture will produce battery cells and modules at a new facility with an annual capacity of 40 gigawatt hours (GWh), the two firms said on Monday. No financial details of the deal were provided. The plant is scheduled to start production by the first quarter of 2024, with groundbreaking expected in the second quarter of 2022, the companies said in their statement. Its location is under review and will be announced later. Stellantis, formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030. The batteries produced under the deal will supply Stellantis' U.S., Canadian and Mexican assembly plants for installation in hybrid and fully electric vehicles, supporting its goal of e-vehicles making up more than 40% of its U.S. sales by 2030. The company, whose brands include Peugeot, Fiat, Opel and U.S. best-sellers Jeep and Ram, earlier this year announced it would invest more than 30 billion euros through 2025 on electrifying its vehicle lineup. Stellantis has said it would build three battery plants in Europe and two in North America, including at least one in the United States. Intesa Sanpaolo analyst Monica Bosio said the deal was positive, and a further step ahead in Stellantis' electrification process. It comes weeks after Stellantis and its partner TotalEnergies agreed to open up their battery cell joint venture ACC to Daimler, to expand their European sourcing of battery cells. Stellantis is also targeting more than 70% of sales in Europe to be of low-emission vehicles by 2030, and aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026. Related video: Green Plants/Manufacturing Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall Electric Hybrid EV batteries LG