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Ferrari investors want assurance on goals, SUVs on eve of vehicle reveal

MILAN — Ferrari's new boss has his work cut out on Tuesday to convince investors that the supercar maker can hit mid-term targets he described last month as "aspirational." The company's share price slid more than 8 percent on Aug. 1 after Louis Camilleri said he saw "risks" ahead, with investors worrying he may have sought to lower expectations on the targets set by his predecessor, Sergio Marchionne. Former tobacco exec Camilleri was appointed Ferrari CEO in July, succeeding Marchionne, who died from complications following surgery. The sudden change jolted investors who had expected Marchionne to remain as CEO and chairman until 2021, having more than doubled Ferrari's value since taking it public in 2015 and pledged to double core earnings (EBITDA) to 2 billion euros ($2.3 billion) by 2022. It also left Camilleri to finish scripting a strategy to show how the company known for its racing pedigree and roaring combustion engines would shift toward making a sport utility vehicle (SUV) and hybrid cars while increasing shipments without sacrificing its exclusivity. "Investors want to hear whether Ferrari confirm the 2 billion euro figure, which was already seen as ambitious and now somewhat put in question by the new CEO," said Emanuele Vizzini, general manager at Milan-based investment fund Investitori Sgr. "And how they plan to expand the portfolio, including an SUV." 'Nurture what he's found' When Camilleri faces investors at Ferrari's Maranello headquarters on Tuesday he is not expected to stray far from his predecessor's script. Marchionne had orchestrated Ferrari's spinoff from parent Fiat Chrysler, positioned it as a luxury icon rather than a carmaker and managed to do what few thought possible: sail through a self-imposed cap of 7,000 cars a year without sacrificing pricing power or its exclusive appeal. "Ferrari is running almost on autopilot ... Camilleri should not take any risks at this stage but nurture what he's found," said Carlo Gentili, CEO at asset manager Nextam Partners. When Ferrari's share price hit a record high of 129.50 euros in June, the company that sold slightly fewer than 8,400 vehicles last year was worth about 24 billion euros. That is almost as much as Fiat Chrysler <FCHA.MI>, which shipped 4.7 million cars. With profit margins above 30 percent, strong pricing power and a healthy customer waiting list of more than a year, Camilleri inherits a business that is firing on all cylinders.

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:

Man orders LaFerrari for wife, dies before seeing gift delivered [w/video]

Ferrari has been profiling some of the 499 buyers of the LaFerrari in its official magazine, and the latest issue features Austrian-born Swiss artist Cornelia Hagmann. Her husband and Ferrari collector Walter Hagmann ordered a Rosso Corsa example of the supercar for Cornelia, but Walter passed away slightly more than a year ago, before it could be delivered. There's no reason to doubt that, as Ferrari says, her husband's gift is the car closest to her heart. The video above captures some behind-the-scenes moments during the photo shoot for the magazine, and there's a press release below with a few words about the article. We've also included a video below about another Swiss citizen, Ferrari collector, and LaFerrari buyer, Albert Obrist, whose love affair with the brand began when he went to the Grand Prix of Switzerland in 1951. An encounter with an artist and the car closest to her heart Maranello, 2th January 2015 – Cornelia Hagmann is an Austrian-born painter and sculptor that has made Switzerland her home for many years. Her wonderfully rich paintings are mostly of landscapes sumptuous with greenery and flowers. She does, however, have a second great passion: for Ferrari. This enduring fascination was sparked by her late husband, Walter Hagmann, a Swiss businessman and leading Ferrari collector, who unfortunately passed away a little over a year ago before the delivery of the magnificent Rosso Corsa LaFerrari he had ordered as a gift for his wife. In an interview with The Ferrari Official Magazine, Cornelia talks not just about her art but also her love of speed and the Prancing Horse. Plus, of course, her LaFerrari: "It's a real work of art: I could spend hours just staring at it...." This video features a few moments from the photo shoot that accompanies the interview.