2010 Ferrari 458 on 2040-cars

Auto blog

Ferrari 250 GTO could fetch as much as $75 million at auction

Last month we reported on a Ferrari 250 GTO heading for the auction block at Pebble Beach. We knew at the time it would break records and bring in tens of millions of dollars. But now that the gavel is about to drop, it looks like even our projections could fall short.
According to a report on Bloomberg, citing the classic car authorities at Hagerty Insurance, the GTO in question (pictured above) could fetch upwards of $60 million and as much as $75 million when the auction takes place two days from now in Monterey, CA.
Hagerty's reported estimate would not only blow the previous records out of the water, but would eclipse the pre-sale estimate attributed to Bonhams, the auction house handling its sale, which placed its value between $30 million and $40 million.

Stellantis reports $15B profit in first year of merger

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group. The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses. The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros. CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year. Automakers have struggled with shortages of key parts such as semiconductor electronic components and rising costs for raw materials as the global rebound from the worst of the coronavirus pandemic brings more demand. The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base. The company accelerated its rollout of battery-powered vehicles, with sales of low-emission vehicles reaching 388,000 — an increase of 160%. Stricter environmental regulations in Europe and China are pushing automakers to roll out more electric vehicles with longer range. Stellantis started production of a hydrogen fuel cell commercial van under its Opel brand in December. Stellantis' other brands include Chrysler, Citroen, DS, Fiat, Maserati, Ram and Vauxhall. Related video: Earnings/Financials Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot Vauxhall

Lewis Hamilton beats Sebastian Vettel in Chinese Grand Prix

SHANGHAI (Reuters) - Lewis Hamilton mastered Shanghai's changing conditions and stayed clear of squabbling rivals to win the Chinese Formula One Grand Prix on Sunday. The Briton eased his Mercedes across the line 6.2 seconds ahead of Ferrari's Sebastian Vettel. Max Verstappen, who started 16th, finished a surprise third to hand his Red Bull team their 100th podium. It was Hamilton's 54th career win and a record fifth in Shanghai. But it was the triple champion's first this season and returned Mercedes to the top of the podium after Vettel won last month's season-opening race for a resurgent Ferrari. "I'm so happy with my first win of the year and I can't believe it if I'm honest," said Hamilton after the race, which also handed him his 106th podium, putting him joint second with Alain Prost on the list of drivers with most rostrum results. "What I said to Sebastian as I left the last race ... I said I'm coming back in the next one. When I got on the podium it was like 'I told you'." MOTOR-F1-CHINA/ View 12 Photos Hamilton, who finished second to Vettel in Melbourne, heads into the next race in Bahrain in a week's time tied on points with the German. Mercedes, meanwhile, lead the constructors' standings by one point over Ferrari. Hamilton started from pole position, but the conditions were a bit of a lottery for all the drivers with the track damp in patches but drying quickly. He kept the lead off the line ahead of Vettel, who came under investigation for lining up out of position on his grid slot. The German, though, stayed second, fending off Valtteri Bottas in the other Mercedes, who had started third. Lance Stroll, the 18-year-old rookie, spun off the track on the first lap after making contact with Force India's Sergio Perez. The Canadian beached his Williams in the gravel, bringing out the virtual safety car. Vettel took the opportunity to dive into the pits to change to dry weather tires. His gamble backfired when Antonio Giovinazzi — standing in for Pascal Wehrlein at Sauber — crashed, bringing out the actual safety car two laps later. The four-times world champion found himself bottled up behind Ricciardo and his slower team-mate Kimi Raikkonen, costing him valuable time. As the trio squabbled for position, Hamilton pulled clear at the front. By the time Vettel managed to get past, with a series of spectacular overtaking moves that included banging wheels with his former team-mate, Hamilton was too far ahead.