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Ferrari families have 'agreement' to prevent takeover

With its initial public offering already a massive success, Ferrari is now officially a publicly traded company on the New York Stock Exchange. While anyone can buy those shares, don't expect investors to take control away from some of the top owners of the Prancing Horse anytime soon. To maintain their power, Enzo Ferrari's son, Piero, and Exor chairman John Elkann will sign a deal guaranteeing themselves nearly half of the automaker's voting rights, Bloomberg reports. As part of this arrangement, shareholders that agree to hang onto Ferrari stock for at least three years would receive additional voting rights in the company, and that would give Piero and Elkann a combined 48.7 percent of the automaker by banding together. While not quite complete control, the move should be enough to prevent a takeover of the business. "We have an agreement among the families to protect our interests in Ferrari," Piero said to Bloomberg. This agreement won't really become a concern until next year because only 10 percent of Ferrari will be traded for now. FCA will distribute another 80 percent to its shareholders in early 2016, and Elkann's Exor will be getting the largest portion of the Prancing Horse in the spin-off. Meanwhile, Piero holds the remaining 10 percent but has absolutely no intention to sell his stake in his father's business. The newly public Ferrari will push to grow volume with a goal of moving 9,000 vehicles annually by 2019. To reach that 30-percent boost, expect to see a new model every year, and some of them might use a new, modular platform that's reportedly under development. Related Video:

Hundreds of Detroit residents line up to ride in autonomous cars

DETROIT — Members of the public got the chance Friday to take a free ride in a self-driving vehicle as part of an effort to clear up confusion about the technology. Hundreds signed up for the 6-minute journey that led riders through a course set up inside a Detroit convention center. Mary Van Der Maas heard about the opportunity on the radio and decided to give it a shot. The 73-year-old retiree from Grosse Pointe, Michigan, hopped into an autonomous Chrysler Pacifica Hybrid minivan, and off she went. "I think that it's just ignorance that keeps us from wanting to do this. And once you experience it, it's marvelous," she said afterward. Daniel Schroeder, 17, said he "thought it was interesting how the car knew its route." "And then it could identify things in the road," said the high school junior from Troy, Michigan, who spent one of the days of his spring break at the demo inside Cobo Hall downtown. Rep. Debbie Dingell also rode in the driverless Pacifica, asking more than a few questions of organizers along the way. "Public confidence in autonomous vehicles has decreased, not increased, over the last year for a variety of reasons," the Democratic congresswoman said. "And people need to get to know it. They need to be hands-on. They need to see that it works." Dingell said she had asked her husband, the late John Dingell, the longest-serving member of Congress in the institution's history, to serve as an advocate for driverless cars, citing the technology's potential to benefit older Americans. "He just quite frankly didn't trust it," Debbie Dingell said. Technological hurdles and apprehension have limited attempts to deploy fully autonomous vehicles on public roadways. Uber pulled its self-driving cars out of Arizona last year after one of the ride-hailing service's autonomous cars struck and killed a woman as she crossed the street. Mary Moore of SAE International, an association of mobility engineers, said the idea behind the Detroit event is to "use the facts, use what's on the market today to explain what the capabilities are today and then also give a glimpse into what can happen in the future." The event was sponsored by SAE International as well as Partners for Automated Vehicle Education, a coalition of industry, nonprofit and academic institutions whose goal is to inform and educate the public and policymakers about automated vehicles. It runs through Sunday and is free to attend.

180,000 new vehicles are sitting, derailed by lack of transport trains

If you're planning on buying a new car in the next month or so, you might want to pick from what's on the lot, because there could be a long wait for new vehicles from the factory. Locomotives continue to be in short supply in North America, and that's causing major delays for automakers trying to move assembled cars.
According to The Detroit News, there are about 180,000 new vehicles waiting to be transported by rail in North America at the moment. In a normal year, it would be about 69,000. The complications have been industry-wide. Toyota, General Motors, Honda and Ford all reported experiencing some delays, and Chrysler recently had hundreds of minivans sitting on the Detroit waterfront waiting to be shipped out.
The problem is twofold for automakers. First, the fracking boom in the Bakken oil field in the Plains and Canada is monopolizing many locomotives. Second, the long, harsh winter is still causing major delays in freight train travel. The bad weather forced trains to slow down and carry less weight, which caused a backup of goods to transport. The auto companies resorted to moving some vehicles by truck, which was a less efficient but necessary option.