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Fiat gives outgoing Ferrari chairman $35M severance package

Luca di Montezemolo may not have wanted to leave Ferrari this way, but don't feel too bad for the departing chairman, because he'll be hitting the ground with a golden parachute so big that he'll never have to work again.
According to the latest reports, Fiat will pay Montezemolo 26.95 million euros (nearly $35 million) in severance pay. A little more than half of that will be paid in a lump sum of 13.71 million euros ($17.7M, equivalent to five times his annual salary) on January 31, 2015, with the rest to be paid within the next 20 years.
The payment is contingent on Montezemolo not going to work for a competitor, so don't expect to see him replacing Stephan Winkelmann at Lamborghini or Wolfgang Dürheimer at Bugatti any time soon. At least not until March 2017. Of course with that much cash on hand, the 67-year-old marquis need never work again, but considering how busy he's used to keeping himself, we'd be surprised if he didn't pop up again somewhere.

Ferrari V6 hybrid said to arrive in May with as much as 723 horsepower

Ferrari has five debuts planned this year, one of which we've seen in the F8 Tributo. The next four will add to and update the mid-engined sports car range as well as the front-engined GT range. Car magazine thinks it has a bead on the long-awaited Ferrari six-cylinder engine that will sit in the middle of some new sports car definitely not named Dino. According to Car's sources, the 2.9-liter twin-turbo V6 works up 610 horsepower and 443 pound-feet of torque by itself. Given plug-in hybrid assistance and an e-motor between the engine and transmission, the numbers grow to 723 hp and almost 800 lb-ft. The magazine says there's also room for an e-motor powering the front axle "at a later stage." Since Ferrari CEO Louis Camillieri nixed the Dino name, it's said the moniker 486 could get a call-up when Ferrari reveals the powerplant, expected to happen in May. We just need to see where that engine is going to go, since the carmaker's V8 hybrid is also due this year, and also rumored for a May reveal. The V8 hybrid will fit inside a new flexible platform and power a mid-engined model above the 710-hp F8 Tributo in the range and more profitable than the 812Superfast. The F8 Tributo sits on a heavily updated version of the 488 platform, which itself was a heavily updated version of the 458 platform from 2009. The new mid-engined model will focus on track performance. Ferrari has confirmed that its new mid-mounted platform will be able to adopt the V6 family. The brand's SVP of commercial and marketing, Enrico Galliera, told Australia's WhichCar, "So the technology we are going to have, V12, V8, V6 turbo. Hybrid will give us the possibility to have a platform that we can mix to achieve emissions targets." Since the other three Ferrari debuts are predicted to be in the GT and ultra-luxe categories, it's possible the V6 will introduce an entry-level option for a model like the Portofino. Or it could grace a new, more traditional model. There's a new "front-engine hybrid architecture for host of new cars, including Purosangue SUV," the SUV not due now until 2022. Galliera also told WhichCar, "We are developing some products that are designed to give the same emotion as a Ferrari." They will be sports cars, "but with this design that it is more elegant that is more for everyday driving in order to attract those people that maybe are not considering to buy a Ferrari, because they are not willing to have a highly sporty car.

Ferrari F1 ace Sebastian Vettel shows the proper way to drive the LaFerrari Aperta

Listen, let's be frank here, we don't have to tell you much to get you to watch this video. It's a new Ferrari LaFerrari Aperta, that's the convertible variant, being driving on mountain roads and a race track. Behind the wheel is Ferrari's ace Formula One driver and four-time champion, Sebastian Vettel. Do you really need more than that? Fine, we'll tell you a little more. The LaFerrari Aperta sounds amazing, with all 12 cylinders shrieking as Vettel pushes it around corners. On track, we get to see a quick snippet of Ferrari's pride and joy drifting, too. The trio on the The Grand Tour would surely approve. The video also celebrates Ferrari's racing history, which spans nearly 70 years, by showing the company's famous race cars in reflections as the LaFerrari passes by. If that's not enough to get you to watch the video, you must really hate Ferraris. Related Video: