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2018 Ferrari Portofino First Drive Review | Forget all about the California

It's about 9,500 miles between the Golden State and a swanky former fishing village on the Italian Riviera known as Portofino, where pastel-painted cottages mix it with celebs and super yachts. For Ferrari, however, it's a gap of 10 years between the launch of the California, its first front-engined V8 sports car and this, the Mk. II version, the Ferrari Portofino. "California is such an iconic name," says Nicola Boari, head of Ferrari product marketing. "Trying to stay close wasn't a good thing. Portofino is discreet, it's not as splashy as Monte Carlo." The California was aimed at a new breed of Ferrari customer: younger, with a family, women. In one sense it's done that job well, in another it's failed. Boari admits with a shrug that not many women have actually bought a California, but for a car launched just as Lehmann Brothers was gasping its last, the car has attracted a new sort of customer just the same and attracted 35 percent of Ferrari's total sales. Last year, that numbered 8,398 vehicles. "Same sex, but a different type of customer," says Boari, adding that California customers use their cars 150-percent more than typical Ferrari sports car owners, tend to use their cars every day and 30 percent of them even use the tiny rear seats. "We had to learn new things," he admits. A lot of those "new things" have been crammed into this car, which goes on sale this August in the United States priced at $229,551. The basic premise remains the same: a 3.8-liter, twin-turbo V8 driving the rear wheels via a seven-speed, dual-clutch transmission and an electronically controlled limited-slip differential in a rear-mounted transaxle. That's 592 horsepower at 7,500 rpm and 560 pound-feet of torque at 3,000 rpm. The torque "curve" continues on from there with a profile resembling a pool table. It's good for 199 mph, 0-62 mph in 3.5 seconds, 0-124 mph in 10.8 seconds and gas mileage in the European test cycle of 31.7 mpg - this is no ordinary family vehicle. The 2+2 Pinifarina-designed aluminium body has been completely redesigned, but retains the same basic dimensions as the outgoing California. Dealers reported that the size was just about right, so the Portofino has grown by only 0.62 inch in length and 1.1 inches in width. It's lighter by 176.4 pounds, thanks mainly to a lighter body construction and interior, and stiffer thanks to more integral parts and aluminum pans under the floors.

Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

Ford GT dominates Le Mans qualifying, gets slapped with performance adjustment

Fifty years after Bruce McLaren and Chris Amon drove the Ford GT40 to victory at the 24 Hours of Le Mans, Ford is poised for a historic return to the Circuit de la Sarthe. The new Ford GT took the top two qualifying positions in the LMGTE Pro class, and four of the top five. Ferrari's 488 filled in the rest of the spots in the top seven, the first two from AF Corse. In other words, we're primed for a reboot of the classic Ford-Ferrari feud at this year's race. Or not, as the ACO, which organizes the 24 Hours of Le Mans, announced sweeping pre-race Balance of Performance (BOP) adjustments this morning that make this year's GT class anybody's race. In LMP1, last year's overall winner Porsche locked up the top two spots with the 919 Hybrid and will lead the entire field at race start. Toyota's two-car factory effort followed with qualifying times 1.004 and 2.170 seconds behind the pole lap. Audi rounds out the manufacturer-backed LMP1 class in fifth and sixth. Full qualifying results can be found here. The storyline for the GT cars is perfect - some say too perfect. Ford's class-leading times came after BOP adjustment to the Corvette Racing C7.R before qualifying. BOP is intended to level the playing field in the class by adjusting power, ballast, and fuel capacity. (Check out this explainer video for more, or even just if you love French accents.) But the process is riddled with unknowns and ripe for accusations of sandbagging. That is, if the Ford cars were intentionally slow in practice they could hope for BOP adjustment to improve their race chances. On the Corvette side, last year's GTE Pro winner went from the top of the field to the bottom, barely improving from practice to qualifying. If you think Le Mans is as rigged at the NBA Playoffs, well, it's not that simple. Because if Ford and Ferrari held back until qualifying - the eighth-place Porsche 911 RSR is three-and-a-half seconds off the class pole time - it was a pretty dumb strategy. This morning, the ACO tried to put things back in order by limiting the boost in the Ford GT's twin-turbo V6 and adding 11 pounds of ballast. Ferrari was also given extra weight but allowed more fuel capacity. The Corvette and Aston Martin teams were both given breaks on their air restrictors, which will allow their engines to make more power. Both Ford and Porsche also received extra fuel capacity.