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Ferrari recalling 85 LaFerraris under two separate campaigns [UPDATE]

Of the recalls we see on a regular basis, million-dollar exotic supercars don't often pop up. But that's exactly what we have on our hands today as Ferrari North America and the National Highway Traffic Safety Administration have issued a pair of recalls for all 85 examples of the flagship LaFerrari hybrid hypercar in the United States. The first of the recall campaigns revolves around the headrests, which "may not absorb the required amount of energy" and therefore fail to comply with the federal safety requirements. The issue involves the larger L32 seat supplied by Lear, fitted as standard for the passenger and optional for the driver's seat. Addressing the issue will require dealers to replace the headrests. The second recall involves the Tire Pressure Monitoring System, which – in the event of a puncture – will display the wrong message. Instead of telling the driver not to proceed on the punctured tire, as apparently required under federal regulations, the system would (as currently programmed) tell the driver to keep driving, but not above 50 miles per hour. Ferrari dealers will need to update the software to fix the problem. These recalls do not represent the first time Ferrari has called in the hybrid hypercar over a potential safety issue. This past March, owners were offered the opportunity to have the fuel tanks replaced. However, unlike these latest campaigns that are being handled in coordination with the NHTSA, Ferrari insisted that the previous fuel tank issue did not constitute a recall. UPDATE: Ferrari North America confirms that no accidents or injuries have been reported to have resulted from either of these issues, which will be addressed in other markets as well - including Canada, where a further 11 units are affected. In order to fix the seat issue, "a small insert will be added to the back of the (large size only) seat headrest." Rectifying both issues "will take approximately an hour of service." Related Video: RECALL Subject : Headrest Impact Energy Absorbtion/FMVSS 202a Report Receipt Date: MAY 22, 2015 NHTSA Campaign Number: 15V305000 Component(s): SEATS Potential Number of Units Affected: 85 Manufacturer: Ferrari North America, Inc. SUMMARY: Ferrari North America, Inc. (FNA) is recalling certain model year 2014-2015 LaFerrari vehicles manufactured May 15, 2014, to March 4, 2015. The affected vehicles have L32 seats as standard equipment for the passenger seat and as optional equipment for the driver seat.

Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

Ferrari reveals extra 'speciale' 458

Ferrari revealed this creamy white riff on the 458 on Tuesday. But don't get too excited: It's a one-off creation built specifically for a British owner. Called the 458 MM Speciale, the supercar debuted at Fiorano, where Ferrari chief test driver Dario Benuzzi and the unnamed owner turned laps. The 458 MM Speciale is based on the 458 Speciale and uses its natural aspirated V8 paired with a seven-speed dual-clutch gearbox. This one-off is painted a shade of white called Bianco Italia. The Italian flag colors are used for stripes that run down the center of the car. Designed by the Ferrari Styling Center, the car has blacked-out A-pillars that create a visor look, updates to the aluminum bodywork, and carbon-fiber composite bumpers. There is also a new side air scoop, new air intakes, and the radiators are mounted at different angles to aid cooling. There's a tasteful spoiler in back, and the speedster rolls on eye-catching wheels with a custom cluster pattern. Inside, the owner chose an upgraded audio system and Cioccolato leather with white stitching. The controls are accented with satin white rings. Related Video: Featured Gallery Ferrari 458 MM Speciale Design/Style Ferrari Coupe Supercars