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Ferrari's stock price falls off a cliff

The stock price skidded. The stock price stalled. Use whatever automotive analogy you want. It was a bad day for Ferrari on the New York Stock Exchange. Warning that sales growth would slow because of the economic slump in China, Ferrari NV watched its stock price slump accordingly. Shares of the company were down more than 13 percent in afternoon trading, falling to $34.64. Sprung from the Fiat Chrysler Automobiles less than four months ago, Ferrari's stock has lost a third of its value since its October initial public offering and is nearly half the price of its $62 high set days after the IPO. In a conference call with investors, chairman Sergio Marchionne said the company expected to ship approximately 7,900 vehicles this year. Marchionne said the company would be "fine" over the long term as long as it maintains a decades-long philosophy of maintaining strong demand. That means Ferrari won't follow some of its sports-car competitors who have broadened their vehicle portfolio's with the addition of SUVs. Marchionne bristled at such a suggestion. "You have to shoot me first," he told Bloomberg. But never say never? Previously, Ferrari had restricted its output to 7,000 vehicles per year. The company is already past that number, and Marchionne foresees the possibility that it could rise to approximately 9,000 by 2019. In a regulatory filing, Ferrari said, "we believe we can grow in a controlled manner while preserving the exclusivity of our brand by continuing to explore controlled growth in emerging markets to capitalize on the substantial wealth creation and the growing affluent populations in those markets." For now, those markets won't include China. Shipments there decreased 22 percent in 2015, even as worldwide output increased. Related Video:

Drive covers the ups and downs of the Ferrari Testarossa

We don't know how we got here, but it's apparently Ferrari Testarossa season. Not even 90 days ago, Evo bossman Harry Metcalfe preached an ode to the eightiest Eighties exotic there ever was ("exotic," as opposed to supercars like the Ferrari F40 or Porsche 959). Only weeks ago, one of the white Testarossas from Miami Vice hit eBay for the outrageous Buy It Now price of $1.75M. Now we have Drive offering a five-minute video of John Pogson, an Englishman who's been restoring Ferraris for decades, discussing the ups and downs of a car that perhaps had the best shoulder pads of that whole decade. Pogson went to Italy to retrieve one of the first two Testarossas to reach to England, and promptly got in trouble with the factory for taking prospective customers to Silverstone for hot laps. Unlike other paeans, Pogson says it took him time to overcome misgivings about the red-headed classic, like how it wasn't very fast and would "run out of brakes" on the track, but he's come around to it. The video above is just a teaser for a longer Drive video behind a pay wall, so don't expect fireworks, but do expect some mighty exhaust noises. And since we're here celebrating, below we've included a MotorWeek Retro Review of the Testarossa from 1998, and another of Chris Harris driving a 1992 512TR. Harris likes it so much he says five words in the whole vid. And the coupe really does look better when you wear a white suit, even a horribly wrinkled one. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Drive via YouTube Ferrari Coupe Luxury Performance Classics Videos chris harris drive ferrari testarossa

One-off '65 Ferrari 330 Shark Nose for auction in Scottsdale

Russo and Steele has a unique Ferrari going up for auction next month in Scottsdale, AZ. The vehicle in question is a 1965 Ferrari 330 GT 2+2 – the fastest grand touring Prancing Horse of its day – but fitted with a unique shark-nose front end. This one-of-a-kind Ferrari been comprehensively restored and has remained under American ownership since its creation. Chassis number 6,537 GT (with matching engine number) was delivered new by Ferrari's longtime North American importer Luigi Chinetti to John W. Mecom Jr. – a Texas oil baron, founding owner of the New Orleans Saints, noted car collector, and racing enthusiast. The Series I coupe arrived in a rare combination four-speed overdrive transmission and rare quadruple headlights, in dark blue with tan leather interior. Mecom subsequently had it sent back to Italy and fitted with the new front end you see here. The coachbuilt 330 was subsequently sold to owners in Georgia and Kentucky, and along the way was repainted in metallic red. The car disappeared into storage for many years before re-emerging in 2007. It then underwent a comprehensive restoration at Ferrari of Washington, where it was stripped and refinished in the original blue. The process also saw the interior reupholstered, the brightwork replated, and the original Borrani wheels fitted with fresh rubber. It has now been consigned to Russo and Steele to be auctioned in Scottsdale at the end of January. Ferrari 330s generally sell for much less than their 250-series predecessors, fetching prices in the hundreds of thousands – not millions. This particular auction house does not typically published pre-sale estimate figures, however when reached for comment by Autoblog, spokesman Darin Roberge revealed: "we expect this amazing, one of a kind automobile to cross six figures several times over." Highly Exotic, One Off 1965 Ferrari 330 GT "Shark Nose" with Important Ownership History to Cross the Block at Russo and Steele's 2016 Arizona Auction Event Scottsdale, Arizona (December 1st, 2015) – Combining avant-garde Pininfarina styling with outstanding V-12 performance, Ferrari's 330 GT 2+2 was a comfortable 2+2 model and while following in the footsteps of the prior 250 GTE 2+2, the 330 GT 2+2 upped the ante on performance and set new standards for comfortable, high-speed motoring pleasure for up to four with its 50-millimeter wheelbase extension.