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Ferrari stock falls after new CEO calls Marchionne's goals ‘aspirational’

MILAN — Ferrari's new boss sought to reassure investors that he would execute midterm targets set by his predecessor, Sergio Marchionne, but the stock has fallen by 12.5 percent since Wednesday after he described the goals to 2022 as "aspirational." Louis Camilleri was appointed chief executive of the Italian supercar maker on July 21, succeeding Marchionne, who fell seriously ill and later died after suffering complications following surgery. The sudden change jolted investors who had expected Marchionne, who nearly tripled Ferrari's value since taking it public in 2015, to stay on as CEO and chairman until 2021. It also left Camilleri, 63, to finish scripting a midterm strategy that will be presented in September and is meant to show how the company plans to achieve financial targets unveiled earlier this year, notably a goal to double core earnings to 2 billion euros ($2.33 billion) by 2022. In a post-results conference call with analysts, Camilleri said he and Marchionne, with whom he had interacted for years, shared the same ambitions for the company. The tobacco veteran, chairman and former CEO of Philip Morris International has served on the Ferrari board since 2015, while Marchionne in turn sat on the board of PMI. Asked about how he planned to deliver on the targets set by his predecessor, Camilleri said he would provide details during capital market days to be held on Sept. 17-18 at the company's headquarters in Maranello, Italy. "They are aspirational targets. At the capital markets day, we will tell you how we plan to get there," he said. "We will also have to disclose potential risks to that, but also significant opportunities that we see going forward." Ferrari's Milan-listed shares fell after the comments, and its shares on the New York Stock Exchange fell from a Wednesday high of $134.77 to $117.99 on Thursday morning. Tough act to follow At Ferrari, Camilleri has a tough act to follow. Marchionne orchestrated Ferrari's spinoff from parent Fiat Chrysler, positioned it as a luxury icon rather than a car manufacturer, and managed to do what few thought possible: sail through a self-imposed cap of 7,000 vehicles per year without sacrificing pricing power and exclusive appeal. When its share price hit a record high of 129.90 euros in June, the company that sold just under 8,400 vehicles last year was worth around 24 billion euros, almost as much as Fiat Chrysler, which shipped 4.7 million cars.

Ferrari SP3JC one-off channels vintage roadsters with a color-wheel twist

Not long after we posted on rumors of a Ferrari 812 Spider, we get this, the Ferrari SP3JC. This is no 812 Superfast, though, it's a one-off commission based on running gear from the limited edition F12 TDF. John Collins, owner of classic Ferrari dealer Talacrest in the UK, provided the dream, the funds, and therefore the "JC" in the open-top's name. We'll assume this being Ferrari's third Special Project this year contributed the rest of the alphanumeric. Collins said the project took 3.5 years from dream to completion, and Ferrari said the design process consumed two of them. While there have been at least six special editions and commissions based off the F12, this is the first one-off to use the F12 TDF. The Italians say the SP3JC is "designed to pay homage to company's classic 1950s and 1960s roadsters." A much wider power bulge in the hood falls all the way into the grille of the redrawn front fascia. New vents appear at the corners of the bumper. Above, instead of the F12 TDF's small hood vents, two large, transparent panels provide views of the 6.3-liter V12. At the side, instead of the modern rising fender line from front wheel to cowl, the fender descends on its way rearward akin to Ferraris of old. The redrawn panels move the donor car's vent to above the rocker panel, and erases the three vents over the rear wheels. In back, 812 Superfast taillights preside over a layered fascia with three full-width vents and a jutting diffuser. The 812 Superfast also donated its wheels. Roll hoops stand guard behind the seats. According to a poster on Ferrari Chat, the SP3JC doesn't come with a roof. About that paint scheme: There were plenty of vibrantly hued classic Ferraris, but we don't know of any that put so many hues on one body. Ferrari says the mashup here was inspired by Collins' "passion for Pop Art." Bianco Italia mixes with Azzuro Met and Giallo Modena, right down to the yellow pinstripes on the wheels and the matching blue and white leather inside. Personally, we'd rather jump off with the F12 TRS when imagining what an 812 Superfast Spider could look like, but this is probably a better place to start. View 43 Photos Related Video:

Ferrari Names Sergio Marchionne CEO | Autoblog Minute

Sergio Marchionne is consolidating his power at the iconic Italian sports car maker. By adding the CEO title he will have even more power and control over the daily operations of Ferrari. Ferrari Autoblog Minute Videos Original Video Sergio Marchionne