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Ferrari wants upcoming SUV to stand out in increasingly crowded segment

Whether you like it or not, Ferrari's highly controversial SUV is well on its way to production. The Purosangue won't be the firm's first four-seater; its family tree is full of luscious 2+2s. But it will be the first high-riding model with the Prancing Horse emblem on its nose. Conquering this territory is presenting the brand with unique engineering challenges. Independent from Fiat since 2016, Ferrari isn't exempt from the need to save money through economies of scale, so it will build the Purosangue on a modular platform shared with other upcoming front-engined cars. The SUV will offer a height-adjustable suspension, and an available plug-in hybrid powertrain, according to British magazine Autocar. The publication added the gasoline-electric setup will be built around a new, twin-turbocharged V6, but a flagship model with V12 power will likely slot at the very top of the range. Mid-range model might use a V8. The design brief Ferrari gave engineers and designers was relatively simple: The Purosangue needs to stand out from the other luxurious SUVs on the market. It can't be a copy of the Lamborghini Urus, the Bentley Bentayga, the Rolls-Royce Cullinan, or whatever Maybach is cooking up. Michael Leiters, the company's chief technical officer, thinks his team has nailed it. "I think we've found a concept and a package which is on one side a real SUV, and will convince SUV customers to buy it, but on the other side there's a huge differentiation of concept to existing SUVs," he enigmatically told Autocar. He stopped short of providing more concrete details, including his definition of a real SUV. We're not expecting the Purosangue to follow a Jeep Wrangler down the Rubicon Trail, or to outpace a WRC car on a rally stage, but it should be capable of light off-roading.  The Ferrari Purosangue is tentatively scheduled to make its debut in 2022, meaning it might arrive for the 2023 model year, and pricing will almost certainly start north of $300,000. It's one of 15 new models the firm plans to release by 2023 in a bid to fatten its profit margins without diluting its image

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.

FCA's European boss quits after losing out as Marchionne's replacement

MILAN — Fiat Chrysler's European boss has quit, adding to the problems facing new CEO Mike Manley, who must deliver on promises to boost production of SUVs and catch up with rivals in electric cars. Jeep division head Manley was named on Saturday to succeed Chief Executive Sergio Marchionne, one of the auto industry's most tenacious and respected leaders, who fell seriously ill after suffering complications following surgery. It emerged on Monday that Alfredo Altavilla, head of Fiat Chrysler's business in the Europe, Middle East Africa had resigned, according to a source with knowledge of the matter. He had been a rival for the top job along with Manley and Chief Financial Officer Richard Palmer. It's another complication to new CEO Manley's task of executing his predecessor's plan to keep the world's seventh-largest carmaker competitive in the absence of a merger. Marchionne had been due to step down next April, so the market reaction was limited on Monday. The shares initially fell more than 5 percent, but then pared some losses and were down 2.4 percent by 0930 GMT. "The downside may be modest, at least in the next 12 months. But long-term concerns will build — Marchionne ran FCA in a command and control style, with constant firefighting measures," said Bernstein analyst Max Warburton. Fiat Chrysler Automobiles (FCA) said British-born Manley would pursue the strategy that Marchionne outlined last month. FCA has pledged to increase production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It also unveiled bold targets for Jeep, which has become FCA's ticket to creating a high-margin brand with global appeal. Reviving struggling brands Analysts said that choosing Manley, 54, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan. "Manley knows that his primary focus is on execution and that, already, he has a strategy into which his team has bought," said George Galliers, an analyst at Evercore ISI. "There is no reason the 2022 plan cannot be executed." Under Manley, the company is expected to sharpen its focus on revamping individual brands, including ailing Fiat in Europe, Chrysler in the United States and Alfa Romeo, which has yet to turn a profit despite multibillion-euro investments.