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Ferrari plans 15 new models, shares name of its SUV

MARANELLO, Italy — Ferrari plans to launch 15 new models, including hybrid cars, a utility vehicle and more special editions as part of its new chief executive's efforts to double core earnings by 2022. The supercar maker shifted to a guidance range for adjusted core earnings of 1.8-2.0 billion euros ($2.1-2.3 billion) by 2022, rather than the 2 billion figure set by late Ferrari boss Sergio Marchionne. But his successor sought to reassure investors that the company can maintain recent strong growth. "This is an ambitious plan, but a doable one based on a concrete, detailed framework," Louis Camilleri said on Tuesday at the company's Maranello headquarters in Italy. Ferrari shares gained 0.6 percent by 1330 GMT, recovering from earlier losses. The stock slid more than 8 percent on Aug. 1 when Camilleri described Marchionne's targets as "aspirational." Marchionne's sudden death in July jolted investors who had expected the auto industry grandee to remain at the wheel until 2021, having more than doubled Ferrari's market value since taking it public in 2015. Camilleri and his team outlined a plan to show how a brand known for its racing pedigree and roaring combustion engines will shift to making a utility vehicle and hybrid cars and boost margins to over 38 percent without sacrificing exclusivity. The company increased its dividend payout ratio and announced a 1.5 billion-euro share buyback plan. Its marketing chief also promised a "significant increase in average retail price." Following Marchionne's roadmap With margins at 30 percent now, strong pricing power and an enviable customer waiting list, Camilleri inherits a business firing on all cylinders and is not expected to stray far from his predecessor's script. Marchionne had orchestrated Ferrari's spinoff from parent Fiat Chrysler, positioned it as a luxury brand rather than a carmaker, and managed to do what few thought possible: sail through a self-imposed production cap of 7,000 cars a year without sacrificing pricing power or its exclusive appeal. Ferrari has clocked up years of record earnings, helped by special editions and a customization program. But it could prove tough to maintain the company's high valuation as emissions rules tighten, capital spending increases and the diverging interests of investors, racing fans, owners and collectors become harder to balance.

Hamilton wins in Singapore as Vettel crashes out from pole

SINGAPORE (Reuters) - Lewis Hamilton took a huge stride toward his fourth Formula One title on Sunday by winning an incident-packed Singapore Grand Prix after Ferrari title rival Sebastian Vettel crashed out at the start. The Mercedes driver now has a 28-point cushion over the German with six of the 20 races remaining. Red Bull's Daniel Ricciardo, who also emerged from the opening lap carnage unscathed, was second for the third year in a row with Finland's Valtteri Bottas completing the podium for Mercedes. "God blessed me today for sure," said Hamilton, who set a lap record on his way to a third win in a row, as he spoke from the podium on a night where everything fell into his lap. "I came here today really thinking it was about damage limitation, and we've come out ahead. So I'm very grateful," he said later. "To come to a track that was potentially our weakest circuit, and come away with a win like this and those points, it's really such a fortunate scenario... so I definitely have a skip in my step." The Briton cashed in after Vettel, Ferrari team mate Kimi Raikkonen and Red Bull's front row contender Max Verstappen smashed into each other as they raced off the wet starting grid and into the first corner. Raikkonen had made a storming start from fourth, Vettel a less impressive one from pole position while Verstappen went for the middle ground and was caught in a Ferrari sandwich as they converged. The stewards summoned all three and decided no driver was predominantly to blame. BITTER BLOW The first race to be hit by rain in the decade that Singapore has hosted Formula One had started in treacherous conditions, puddles gleaming in the floodlights, after a formation lap behind the safety car. With Hamilton starting fifth, everything looked set for Vettel to retake the overall lead that he had surrendered only two weeks earlier at Monza in Italy. And then it all went wrong, the collision with Raikkonen punching a hole in the side of Vettel's car before he spun into the wall at turn three. "It's bitter but it's done," said the German, a four times Singapore GP winner, whose retirement ended a run of 18 successive points finishes and left him with a mountain to climb. "Championship-wise it's a big step forward," recognized Mercedes team boss Toto Wolff. "The quickest car and the quickest driver were out within a minute into the race and that can happen all the time.

Ferrari recalling 814 models from 2015 for airbag problem

Recalls from small-volume, high-end automakers like Ferrari are fairly rare, but the Prancing Horse issued a safety campaign to repair 814 vehicles in the United States due to a potential problem with the driver's side airbag module. The issue covers the 2015 editions of the 458 Italia, 458 Spider, 458 Speciale, 458 Speciale A, California T, FF, F12 Berlinetta, and LaFerrari. The affected examples have build dates from Dec. 19, 2014, to April 29, 2015, but this isn't every MY2015 vehicle in the country. According to the announcement by the National Highway Safety Administration (here as a PDF), these Italian supercars might have a "relevant combination of insufficient gluing of the leather on the driver's side airbag cover and the possible rotated installation of the driver's airbag cushion in the airbag module." In the event of a deployment, the safety devices might come out turned from where they are supposed to be. This issue could cause an increased risk of injury in a collision. In the NHTSA documents, Ferrari reports that it believes the chances of these rotated deployments are low. For drivers' safety, dealers will still replace the affected airbag module with a new one. Owners will start having their supercars fixed around July 30. RECALL Subject : Improperly Assembled Drivers Air Bag Report Receipt Date: JUL 07, 2015 NHTSA Campaign Number: 15V433000 Component(s): AIR BAGS Potential Number of Units Affected: 814 All Products Associated with this Recall Vehicle Make Model Model Year(s) FERRARI 458 2015 FERRARI CALIFORNIA T 2015 FERRARI F12 BERLINETTA 2015 FERRARI FF 2015 FERRARI LAFERRARI 2015 Details Manufacturer: Ferrari North America, Inc. SUMMARY: Ferrari North America, Inc. (FNA) is recalling certain model year 2015 Ferrari 458 Italia, 458 Spider, 458 Speciale, 458 Speciale A, California T, FF, F12 Berlinetta, and LaFerrari vehicles manufactured December 19, 2014, to April 29, 2015. The affected vehicles may be equipped with a driver side air bag module that was improperly assembled. This can cause the air bag to deploy in a rotated orientation. CONSEQUENCE: In the event of a crash, the deployment of the driver's air bag in a rotated orientation increases the risk of injury. REMEDY: FNA will notify owners, and dealers will replace the front Driver's Side Air Bag Module, free of charge. The recall is expected to begin on July 30, 2015. Owners may contact Ferrari customer service at 1-866-551-2828. Ferrari's number for this recall is 57.