1981 Ferrari 308 Gtsi Targa Coupe on 2040-cars

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Ferrari family won't sell stake in company

Ferrari may be splitting off from the Fiat Chrysler Automobiles group and launching its IPO independently, but those stocks it's going to float are coming out of Fiat's hands. The small portion still held by the Ferrari family looks destined to stay in their control for the time being. According to the latest report from Reuters, Enzo's son Piero says he has no intention of selling any of the 10 percent interest he and his family hold in the company founded by his late father. "I have never sold and I have no intention of doing so," said Piero, as quoted in the report. Piero Ferrari is the illegitimate son of Enzo Ferrari and his mistress Lina Lardi. His half-brother Dino died in his twenties from complications associated with muscular dystrophy, and in accordance with Italian custom, Piero was only acknowledged as Enzo's heir after the death of the father in 1988. Representing the family's holdings, Piero still acts as vice-chairman of the company but devotes his day-to-day to running aerospace manufacturer Piaggio Aero. News Source: ReutersImage Credit: Marco Vasini/AP Earnings/Financials Ferrari stock piero ferrari

Ferrari driver Sebastian Vettel crashes in F1 preseason testing

MONTMELO, Spain — Sebastian Vettel crashed into a tire barrier in Formula One preseason testing on Wednesday, damaging his Ferrari but not sustaining any injuries. Vettel lost control on Turn 3 at the Barcelona-Catalunya Circuit, going through the gravel and hitting the wall. Ferrari said Vettel was "off due to a mechanical problem." It said the car was sent back to the garage "for all the needed checks." The Italian team did not specify what problem led to Vettel's crash in the morning session of the second of four days of testing. The crash prompted a red flag, and Vettel's Ferrari had to be towed back to the garage. McLaren driver Carlos Sainz was leading Wednesday's session with a time of 1 minute, 17.144 seconds, the fastest so far after six days of testing. Vettel had the second fastest time of the day, followed by Red Bull driver Max Verstappen and Mercedes rival Valtteri Bottas. Also Wednesday, McLaren said two-time world champion Fernando Alonso will be the team's ambassador and continue to advise its drivers and engineers, as well as "drive at selected tests to support the development" of the team's cars for 2020. Alonso, who was at the Barcelona track on Tuesday, will drive for McLaren in this year's Indy 500. Renault said Russian driver Sergey Sirotkin, who raced for Williams last season, will be the team's reserve driver in 2019. Testing will continue through Friday at the Barcelona-Catalunya Circuit, home to the Spanish Grand Prix. The season-opening Australian Grand Prix is on March 17. More AP racing Motorsports Ferrari Racing Vehicles F1 Sebastian Vettel

Early Ferrari F40 prototype destroyed in roadside fire

The people behind Tax the Rich have made a name for themselves by doing the sort of things with six and seven-figure supercars that Ken Block does with rally-prepped Subarus and Fords. The group's last video, released just over a year ago, features a rare prototype Ferrari F40. According to Ferrari Chat and IVG.it, another car from that collection is no more, having been reduced to a thin, black crisp. It's a terrible thing to see cars end up in such a state, especially one with such a storied history. It's unclear how the fire started, but old Italian supercars don't exactly have the best reputation for reliability. Hell, even some new Ferraris have had issues with catching fire. This particular F40 is believed to be the sixth prototype ever built by Maranello, going on display at the Frankfurt Motor Show in 1987. According to Motor 1, the car was converted to GT spec in 1991 and raced continually over its life. While some rare supercars have been brought back from the brink and fully restored, it's hard to imagine there is any way to salvage what's left. A Facebook video from Patrich Poggi shows a broken, sullen husk, parked on the side of the road and covered in fire retardant. If you didn't already know, it would be difficult to tell what sort of car you'd be looking at. At least this F40 spent its life on the road and on the track rather than sitting in the back of a garage in someone's collection. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: IVG.it via Motor 1, Ferrari ChatImage Credit: Patrich Poggi Ferrari Coupe Supercars