Rosso Fiorano,spider,xenon,ipod,f1,italia,suspension Lifter,cuoio,afs,carbon on 2040-cars

Auto blog

Ferrari stock falls after new CEO calls Marchionne's goals ‘aspirational’

MILAN — Ferrari's new boss sought to reassure investors that he would execute midterm targets set by his predecessor, Sergio Marchionne, but the stock has fallen by 12.5 percent since Wednesday after he described the goals to 2022 as "aspirational." Louis Camilleri was appointed chief executive of the Italian supercar maker on July 21, succeeding Marchionne, who fell seriously ill and later died after suffering complications following surgery. The sudden change jolted investors who had expected Marchionne, who nearly tripled Ferrari's value since taking it public in 2015, to stay on as CEO and chairman until 2021. It also left Camilleri, 63, to finish scripting a midterm strategy that will be presented in September and is meant to show how the company plans to achieve financial targets unveiled earlier this year, notably a goal to double core earnings to 2 billion euros ($2.33 billion) by 2022. In a post-results conference call with analysts, Camilleri said he and Marchionne, with whom he had interacted for years, shared the same ambitions for the company. The tobacco veteran, chairman and former CEO of Philip Morris International has served on the Ferrari board since 2015, while Marchionne in turn sat on the board of PMI. Asked about how he planned to deliver on the targets set by his predecessor, Camilleri said he would provide details during capital market days to be held on Sept. 17-18 at the company's headquarters in Maranello, Italy. "They are aspirational targets. At the capital markets day, we will tell you how we plan to get there," he said. "We will also have to disclose potential risks to that, but also significant opportunities that we see going forward." Ferrari's Milan-listed shares fell after the comments, and its shares on the New York Stock Exchange fell from a Wednesday high of $134.77 to $117.99 on Thursday morning. Tough act to follow At Ferrari, Camilleri has a tough act to follow. Marchionne orchestrated Ferrari's spinoff from parent Fiat Chrysler, positioned it as a luxury icon rather than a car manufacturer, and managed to do what few thought possible: sail through a self-imposed cap of 7,000 vehicles per year without sacrificing pricing power and exclusive appeal. When its share price hit a record high of 129.90 euros in June, the company that sold just under 8,400 vehicles last year was worth around 24 billion euros, almost as much as Fiat Chrysler, which shipped 4.7 million cars.

Tax The Rich returns with reckless driving in a Ferrari 288 GTO

Tax The Rich, the YouTube channel that exists mainly to terrorize ultra-rare, ultra-expensive cars like the Jaguar XJ220, Ferrari Enzo and Rolls-Royce Phantom, has come out with its first video in two months, starring one of the rarest Ferraris of the past 40 years - the 288 GTO.
Now, by Tax The Rich standards, its treatment of the 288 is better than what the Enzo or the Rolls (especially) got in their videos. The most cringe-worthy parts are in the very beginning, before transitioning to actual roads (yes, we know the 288 was originally meant as a Group B rally car, but that makes zipping about on grass and dirt in a very rare Ferrari no less difficult to watch). After that, it's more of the stuff we wish collectors would do with their cars - drive. Seeing and hearing this 288 GTO at full clip is a thing of beauty, and something we wish were a far more regular occurrence.
Take a look below for the latest video from Tax The Rich.

Chief justice invokes 'Ferris Bueller' Ferrari in Supreme Court car case

WASHINGTON — U.S. Supreme Court justices on Tuesday wrestled with the scope of police authority to search vehicles without warrants, with Chief Justice John Roberts referencing the shiny red Ferrari taken for a joyride in the 1986 comedy film "Ferris Bueller's Day Off" to make a serious legal point. The justices heard arguments in two cases in which convicted defendants are seeking to have key evidence against them thrown out because it was obtained by police officers through vehicle searches conducted without a court-issued warrant. One case involved a stolen motorcycle that was covered by a tarpaulin and parked on private property next to a house in Charlottesville, Virginia. The other involved a rental car stopped by police in Pennsylvania — driven by a man who was not named on the agreement with the rental agency — in which heroin was found. At issue is whether police in the two cases violated the U.S. Constitution's Fourth Amendment, which protects against unreasonable searches and seizures. In the motorcycle case, Roberts and other justices seemed concerned about issuing a broad ruling in favor of law enforcement that would let police officers not just inspect the immediate area outside a property without a warrant but also potentially inside a house if a vehicle is located there. Under the Fourth Amendment, police need a warrant to search a house unless there is an emergency situation. In the case of convicted defendant Ryan Collins, the motorcycle was a few feet from the house. In "Ferris Bueller's Day Off" starring Matthew Broderick, three teenagers skip school and take a ride in a red 1963 Ferrari Modena Spyder California that was parked inside a showroom-type garage apparently attached to a house. After mentioning the film's car, Roberts asked Trevor Cox, the state of Virginia's lawyer who was defending the police search, whether he was arguing that police "can just go in" to a house without a warrant because a car is "mobile and they got it in there somehow (so) they can get it out." Roberts also mentioned comedian Jay Leno, known for storing a large collection of cars. Other justices voiced similar concerns, including Neil Gorsuch, who seemed troubled about police officers being able to search garages and other outbuildings without a warrant. "Not many people live in their garage. Some people do, some people do, and in barns, but usually they're reserved for cars and for animals.