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Ferrari wants upcoming SUV to stand out in increasingly crowded segment

Whether you like it or not, Ferrari's highly controversial SUV is well on its way to production. The Purosangue won't be the firm's first four-seater; its family tree is full of luscious 2+2s. But it will be the first high-riding model with the Prancing Horse emblem on its nose. Conquering this territory is presenting the brand with unique engineering challenges. Independent from Fiat since 2016, Ferrari isn't exempt from the need to save money through economies of scale, so it will build the Purosangue on a modular platform shared with other upcoming front-engined cars. The SUV will offer a height-adjustable suspension, and an available plug-in hybrid powertrain, according to British magazine Autocar. The publication added the gasoline-electric setup will be built around a new, twin-turbocharged V6, but a flagship model with V12 power will likely slot at the very top of the range. Mid-range model might use a V8. The design brief Ferrari gave engineers and designers was relatively simple: The Purosangue needs to stand out from the other luxurious SUVs on the market. It can't be a copy of the Lamborghini Urus, the Bentley Bentayga, the Rolls-Royce Cullinan, or whatever Maybach is cooking up. Michael Leiters, the company's chief technical officer, thinks his team has nailed it. "I think we've found a concept and a package which is on one side a real SUV, and will convince SUV customers to buy it, but on the other side there's a huge differentiation of concept to existing SUVs," he enigmatically told Autocar. He stopped short of providing more concrete details, including his definition of a real SUV. We're not expecting the Purosangue to follow a Jeep Wrangler down the Rubicon Trail, or to outpace a WRC car on a rally stage, but it should be capable of light off-roading.  The Ferrari Purosangue is tentatively scheduled to make its debut in 2022, meaning it might arrive for the 2023 model year, and pricing will almost certainly start north of $300,000. It's one of 15 new models the firm plans to release by 2023 in a bid to fatten its profit margins without diluting its image

Lewis Hamilton accepts Vettel's apology, has 'utmost respect'

SPIELBERG, Austria - Triple world champion Lewis Hamilton said he still had "the utmost respect" for Formula One title rival Sebastian Vettel after accepting a public apology from the Ferrari driver on Thursday. Speaking to reporters at a crowded Austrian Grand Prix news conference, the two men addressed a "road rage" controversy that has dominated the headlines since the June 25 race in Azerbaijan. "I still have the utmost respect for him as a driver and will continue to race him hard through the rest of the season," declared Hamilton, who said at the time that Vettel had "disgraced himself" by driving into him in Baku. He said Vettel called him on the Monday after the race and then texted an apology, which he accepted. The championship leader had driven into the back of Hamilton's Mercedes while both were following the safety car in first and second places, waiting for it to return to the pits. Vettel then pulled alongside, gesticulating angrily, before banging wheels. The German, a four times world champion, later accused Hamilton of "brake-testing" him by slowing suddenly. The car's telemetry subsequently showed that was not the case and Hamilton said the accusation was one he particularly wanted correcting. Vettel was handed a 10-second stop-and-go penalty, and finished fourth. He was then summoned to a hearing in Paris last Monday where the governing body declared the matter closed. Initially reluctant to dwell on the matter, saying he did not want to "pump this up more than it is already", the Ferrari driver on Thursday repeated the written apology. "It was the wrong move to drive alongside him and hit his tyres," he said. "I don't think there was any bad intention (by Hamilton). I don't think he actually brake-tested me. I was upset and over-reacted. I am not proud of the moment." Hamilton, 14 points behind Vettel after eight races, missed out on victory in Baku after a headrest worked loose and he had to pit. He finished fifth. Before Baku, the two world champions had made much of their mutual respect and the budding "bromance" seemed to be back on. "It's nice to hear that we are able to move forward," Vettel said. "I think the respect we have for each other on and off track helps us in this regard." Reporting by Alan Baldwin Related Video:

Ferrari worth over $11 billion, says Marchionne ahead of IPO

We all know that cars from Ferrari sell for hundreds of thousands, if not millions of dollars. But how much is Ferrari worth as a company? At least ten billion, according to its chairman. Speaking at the launch of the revised Fiat 500 in Turin on Friday, Fiat Chrysler CEO and Ferrari chairman Sergio Marchionne said he expected the vaunted Maranello-based supercar manufacturer and racing team to be valued at over 10 billion euros, or about $11 billion at current exchange rates. As Bloomberg points out, that would make Ferrari alone account for some 60 percent of the value of its parent company Fiat Chrysler Automobiles, which is currently valued at over 16 billion euros. That may seem like an aggressive estimate, but we won't have to take Marchionne at his word for long. After having floated an Initial Public Offering on the New York Stock Exchange last year, Fiat Chrysler is preparing to do the same with its Ferrari unit as soon as October. FCA will not, of course, be selling off all of its shares. The projected scheme would have ten percent (worth about one billion by Marchionne's estimates) of Ferrari's shares floated on the NYSE. Another 10 percent is expected to remain in the hands of founder Enzo's son (and company vice chairman) Piero Ferrari's hands. The remaining 80 percent is slated to be distributed among Fiat Chrysler's existing stakeholders.