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Newlyweds crash rented Ferrari into a house

A newly married couple had a rough wedding day when they crashed their rented Ferrari into a house in Burnley, Lancashire. Lancashire Road Police tweeted a photo on April 17 of a white Ferrari 458 Spider that crashed into a row house. The crash folded the hood nearly in half and completely destroyed the car's front fascia but no one was injured, according to the Daily Mail. The car, worth a cool 240,000 pounds, or 342,500 dollars, is owned by a rental company called Platinum Executive Travel. The son of the company's owner, Aleem Iqbal, made a statement on Twitter after the crash, assuring his tens of thousands of followers that he was not at the wheel of the mangled Ferrari when it went into the wall. "Thanks for all the kind messages," Iqbal tweeted from his personal account. "I wasn't at the wheel and nobody was injured that's the main thing, have had a lot worse in business." In a follow up tweet he stated, "At least people in Burnley will have something to talk about for a few weeks." Iqbal's statement about worse things happening in his business is true, and this is not the first of PET's pricey supercars to be destroyed. Within a five-week period in 2014, arsonists destroyed four of PET's cars worth more than 500,000 pounds or 713,000 dollars. In one attack, a Lamborghini Aventador rented for a wedding was torched outside a house in Luton. Iqbal called that attack a "vile act of jealousy" targeting the family of the newlyweds. Weeks later, two Audi R8 Spyders and a Bentley Flying Spur were firebombed at the PET offices in Yardley. The Daily Mail has contacted Platinum Executive Travel for an official statement about the Ferrari crash, but has not received a response. The driver and passenger of the wrecked Ferrari were not identified. Related Video: News Source: The Daily Mail, The Mirror, TwitterImage Credit: Lancashire Road Police Weird Car News Ferrari Driving Performance Supercars rental car

Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.

Stellantis wants to outfit cars with AI software to drive revenue

MILAN — Carmaker Stellantis announced a strategy Tuesday to embed AI-enabled software in 34 million vehicles across its 14 brands, hoping the tech upgrade will help it bring in 20 billion euros ($22.6 billion) in annual revenue by 2030. CEO Carlos Tavares heralded the move as part of a strategy that would transform the car company into a “sustainable mobility tech company,” with business growth coming from features and services tied to the internet. That includes using voice commands to activate navigation, make payments and order products online. The company is expanding existing partnerships with BMW on partially automated driving, iPhone manufacturer Foxconn on customized cockpits and Waymo to push their autonomous driving work into light commercial vehicle delivery fleets. StellantisÂ’ embrace of artificial intelligence and expansion of software-enabled vehicles is part of a broad transformation in the auto industry, with a race toward more fully electric and hybrid propulsion systems, more autonomous driving features and increased connectivity in automobiles. Ford and General Motors also are banking on dramatically increased revenue from similar online subscription services. But the automakers face immense competition for monthly consumer spending from movie and music streaming services, news outlets, Amazon Prime and others. Stellantis, which was formed from the combination of PSA Peugeot and FCA Fiat Chrysler, said the software would seamlessly integrate into customers' lives, with the capability of live updates providing upgraded services over time. New products will include the possibility to subscribe to automated driving features, purchase usage-based car insurance or even increase the power of the vehicle with a tune-up to add horsepower. As a baseline, Stellantis generates 400 million euros in revenue on software-generated services installed in 12 million vehicles. To meet the targets, Stellantis will expand its software engineering team of 1,000 to 4,500 in North America, Asia and Europe. More than 1,000 of the expanded team will be retrained in house. Stellantis also announced a new partnership with Foxconn to develop semiconductors to cover 80% of the companyÂ’s needs and simplify the supply chain. The first microchips from the partnership are targeted to be installed in vehicles in 2024.