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Mercedes sues Ferrari-bound F1 engineer for stealing secrets

Mercedes is suing one of its Formula One engineers, one Benjamin Hoyle, claiming he was planning to take sensitive data to a competitor. An experienced powertrain engineer, Hoyle came to Mercedes AMG High Performance Powertrains in 2012 with previous experience at Prodrive and Cosworth. One of four team leaders at the company, Hoyle headed up the performance application department until he notified his employers of his intention not to seek renewal of his contract that expires at the end of this year. Once they found out that Hoyle was switching to Ferrari, the higher-ups at Mercedes reassigned him to other, less sensitive duties, however Hoyle was reportedly discovered accessing race reports and other sensitive data relating to the performance of the team's engines. In response, Mercedes has filed suit against Hoyle, claiming that he "and potentially Ferrari have gained an unlawful advantage." The German automaker is seeking the return of all documents and the payment of its legal fees. It also seeks to prevent Hoyle from working for another F1 team throughout next season. Mercedes AMG High Performance Powertrains is the Daimler's F1 engine division. Based in Brixworth, UK, it was founded back in 1983 together with Ilmor before Mercedes bought it outright. Aside from the company's own works team, the outfit this year powered Williams, Lotus, and Force India, and previously worked with McLaren as well as Sauber. This is not the first time that a case of industrial espionage has emerged in F1. A similar controversy erupted in 2007 surrounding engineers Nigel Stepney and Mike Coughlan. The highly publicized incident became known as "Spygate" or "Stepneygate" and involved the illegal sharing of secrets between Ferrari, McLaren, and Renault. News Source: BloombergImage Credit: Martin Meissner/AP Government/Legal Hirings/Firings/Layoffs Motorsports Ferrari Mercedes-Benz F1 industrial espionage

Ferrari hybrids, SUV are in the plan to double earnings by 2022

Italian carmaker aims for core earnings of 2 bln euros by 2022 CEO Marchionne does not rule out smaller engines in the future If true electric supercar is ever made, it will be a Ferrari - CEO Shares rise more than 8 percent after mid-term targets released MILAN — Ferrari is looking to double core earnings to 2 billion euros ($2.5 billion) by no later than 2022 and become debt free a year earlier, betting on firm demand for supercars and new launches, including hybrids and an SUV. CEO Sergio Marchionne does not expect to double deliveries, but aims to keep pushing technological boundaries, launch new special editions and expand a customisation program to drive profit margins, which stood at 30 percent last year. Ferrari is also expanding its product range to vehicles that appeal to a larger demographic. Hybrids will be part of the portfolio from 2019, and an SUV is expected to be launched by late 2020. Downsizing engines was a possibility in future as long as Ferrari's uniqueness is preserved, Marchionne said. "We are absolutely convinced that these numbers are doable," Marchionne told analysts on a conference call, adding that profit margins could rise to at least 36 percent by 2022. "The house is firing on all cylinders, we are in a good place." The Italian group's medium-term outlook helped push its shares up more than 8 percent at one point on Thursday. They closed 7.5 percent higher at 103.2 euros. Ferrari's forecast suggests an average annual core earnings growth of 14.1 percent, or 17.9 percent, if it achieves the target a year early, said George Galliers, an analyst at Evercore ISI. "This type of earnings growth is unlikely to be seen by any other automotive OEM over the coming five years," Galliers said. However, he said the stock was not cheap and it remained to be seen if projected growth would be enough to attract investors over the coming months. After being spun off from Fiat Chrysler two years ago, Ferrari has sought to show it can increase profits without the backing of its parent. The group has clocked up several years of record earnings, helped by a number of special edition models. Ferrari reported on Thursday an 18 percent rise in 2017 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to 1.04 billion euros, in line with analysts' expectations and helped by sales of its 12-cylinder models. They include the GTC4Lusso and the 812 Superfast, the company's most powerful model to date.

Ferrari 488 GTO possibly revealed in new spy shots

As every new Ferrari debut approaches, enthusiasts worldwide can't wait to pore over each and every photo, video and spec sheet. That's why these new spy photos have us so excited. It looks like the engineers at Maranello are cooking up a new variant of the 488 GTB. We're not exactly sure what it may be, but our Italian spy photographer believes this might be a new high-performance variant that could be called the GTO. The past few generations of Ferrari's mid-engine V8 sports cars have gotten a late-life performance kick that results in a hot new model. See: 360 Challenge Stradale, 430 Scuderia and 458 Speciale. These new models ditch nearly every creature comfort in the pursuit of speed and power. Engines are cranked up, suspension geometry is reworked, and the bodywork is adjusted for aerodynamic efficiency. While we can't see what's changed under the skin, these prototypes do appear to have slightly different bodywork than the standard 488 GTB. The most notable changes are to the front end and rear fenders. The front intakes appear to be the same size and shape, but the splitter hanging out front looks like it's been reworked. Around to the side, the large air intakes just behind the doors look larger than before. This all leads credence to this being the 488 GTO – especially given the turbo connection between the original 288 GTO and the 488. Still, this could be something milder, although that's less likely. There's been rumors for a while that Ferrari have been working on a less expensive mid-engine car that will be called the Dino. We've seen other test mules running around that some claim were powered by the Ferrari-built twin-turbo V6 in the Alfa Romeo Giulia. Either way, a new Ferrari is always something to look forward to. Related Video: