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Ferrari presents new F1 car to challenge Mercedes

MARANELLO, Italy — Ferrari unveiled its new Formula One car on Friday, one that it hopes can finally end its title drought. Team principal Mattia Binotto and drivers Sebastian Vettel and Charles Leclerc were on stage for the presentation of the car, which has been named SF90 to commemorate the Italian manufacturer's 90th anniversary in 2019. They were joined by Ferrari chairman John Elkann and CEO Louis Camilleri. "The car embodies the latest state-of-the-art technology, reflects the new regulations for the coming season and is the fruit of the combined enormous work and talent of everyone in the Scuderia," Camilleri said. The new matte livery radiates the classic Ferrari red, with splashes of black and hardly any white. "I'm really excited, and I can't wait to get in," Vettel said. "I'm looking forward to this year. I think the team is on the right path, and hopefully we can continue improving." Vettel won the opening two races of the 2018 season and took pole position in three of the first four but Ferrari's performance waned as the year went on, enabling Mercedes to win a fifth straight drivers' title with Lewis Hamilton. Ferrari hasn't won a title since taking the 2008 constructors' championship, while Kimi Raikkonen claimed the team's last driver's title back in 2007. "Last season was our best in the last 10 years, yet we fell short of our objectives," Camilleri said. "Such a setback is never easy to swallow, but I assure you we look ahead with strong commitment and determination." It is Vettel's fifth season with Ferrari but Leclerc's first after replacing Raikkonen. "I'm extremely excited to start this new adventure," Leclerc said. "It's a dream since I was a child. It's a very emotional day for me." Binotto has also been promoted from chief technical officer, taking over from Maurizio Arrivabene. The season opens on March 17 at the Australian Grand Prix in Melbourne. Related Video: Featured Gallery Ferrari SF90 2019 Formula One car Motorsports Ferrari Racing Vehicles F1 Sebastian Vettel John Elkann

The Prancing IPO

Owning a Ferrari is something that a lot of car nuts hope to achieve. If you cringe every time you see some celebrity put massive rims on a 458, or paint an F430 neon purple, then you are the kind of person that appreciates what a Ferrari is. It's not a status symbol that will somehow make everyone love you and think you the most amazing person. Rather it is a medium with which to connect yourself to the history and heritage that exists in Modena. The sights, sounds, and smells of the car are worth more than any "thumbs up" you might get driving down the street. The exclusivity of the brand is one of the mechanisms that helps preserve that absolute care it takes to create a Ferrari. Now I don't own a Ferrari, but I appreciate that the Mr. Enzo Ferrari had a very significant part in molding car culture and motorsports. That tradition was carried on by a lot of people after Enzo himself. During my formative years that person was Luca Di Montezemolo. Every time he stepped in front of the camera in his distinctively Italian suit and shoes, I knew Ferrari was in good hands. Just the attitude he had made me feel safe that this very significant part of car culture was in safe hands. He could be giving an interview in Italian and without understanding a single word (well maybe one word, Ferrari) knew he was going to keep the Ferrari in Ferrari. Enter Sergio Marchionne. Now I am a huge Sergio fan. This guy is not your typical auto exec. His office isn't in the highest part of the tallest tower in Auburn Hills, and he doesn't wear a hand-crafted suit made of million thread count cloth. Not dogging in the man's style (his wardrobe is for sure worth more than mine and most others), but basically he is normal guy that doesn't conform to what might be considered the norm. He is his own man. On top of all that, he is a financial wizard. I was skeptical when he took over the reins at Ferrari only because he seemed to have so much on his plate to begin with. In the end I knew a car-guy, albeit one with a CPA/MBA, was in charge. So now when I heard he wanted to spin off Ferrari, I started trying to guess how long it was going to be before the geniuses of Wall Street started pushing Ferrari to pump volume. I saw a horrible future where there was now some entry-level Ferrari with a turbo-six, and four doors...just so every 30 yr-old analyst could flash their Ferrari key at the bar. Then I started thinking about another thing, the value. What is it worth?

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.