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Ferrari to pay Fiat Chrysler $2.8B prior to spinoff

Fiat Chrysler Automobiles is trying to get capital together in a hurry to finance the automaker's growth plans. Among its strategies to raise money, Ferrari will be spun off from the FCA mothership next year with an initial public offering. However, the Italian supercar maker will be a couple billion dollars poorer at the start of its new life.
According to a filing with US regulators obtained by Automotive News, FCA intends to "enter into certain other transactions including distributions and transfers of cash from Ferrari currently estimated at 2.25 billion euros ($2.8 billion)" before it spins the supercar maker off. Those funds might include paying a dividend to investors, and FCA possibly transferring some of its debt to the Prancing Horse.
The Ferrari IPO will likely be in the second or third quarter of 2015, according to Automotive News. Ten percent of the automaker will go onto the public market in the US and possibly Europe too, and 80 percent will be distributed among current FCA shareholders. The other 10 percent is held by co-chairman Piero Ferrari, according to AN.

Ferrari's Charles Leclerc takes third straight pole at Singapore GP

SINGAPORE — Ferrari driver Charles Leclerc claimed a third straight Formula One pole position on Saturday after outpacing championship leader Lewis Hamilton in qualifying for the Singapore Grand Prix. Leclerc clocked a lap of 1 minute, 36.217 seconds at the 5-kilometer (3.1-mile) Marina Bay street circuit, beating Hamilton by 0.191 seconds. Leclerc's teammate Sebastian Vettel was third. "If you look at the lap, it was a good lap, but there were some moments that I lost control," Leclerc said. "We brought some new bits that worked properly, which was good to see. I had a very tough Friday and didn't feel comfortable in the car, but we worked hard and it paid off." Leclerc has won the previous two races. After his first-ever F1 victory in Spa at the Belgian GP, the 21-year-old Leclerc became the first Ferrari driver to win the Italian GP since Fernando Alonso in 2010. Hamilton holds a 63-point lead over Mercedes teammate Valtteri Bottas with seven races remaining. "I don't know where Ferrari picked up their pace, it's not usually one of their circuits," Hamilton said. "But they did a great job, Charles did some great laps. Hopefully we can be in the mix with them tomorrow. I think we can be aggressive." While Hamilton already has eight wins this season, his last came at the Hungarian GP in early August. Pole position in Singapore is crucial as its one of the hardest tracks for overtaking in F1. The driver leading the field has won eight times in the past 11 years. Hamilton has won in Singapore the past two years. Another victory in Sunday's night race would move the Briton a step closer to his third straight championship and sixth overall, one shy of Michael Schumacher's record of seven titles. Vettel, whose contract ends in 2020, is on a 13-month winless streak. His last victory was at the 2018 Belgian Grand Prix. Vettel and Hamilton are the only two drivers on the grid with victories at Singapore — with four wins each. Red Bull's Max Verstappen was fourth, almost four-tenths behind Vettel. Bottas was fifth for Mercedes ahead of Red Bull's Alex Albon. Carlos Sainz Jr. took seventh place for McLaren in front of the Renault of Daniel Ricciardo. Nico Hulkenberg was ninth in the second Renault with McLaren's Lando Norris rounding out the top 10. Motorsports Ferrari Lewis Hamilton Sebastian Vettel singapore grand prix charles leclerc

Autoblog Minute: Ferrari F12 TdF, Tesla Autopilot, Fiat brand leadership change

Ferrari unleashes the F12 TdF, Model S owners get an exciting announcement from Tesla, and Fiat North America undergoes a leadership change. Senior editor Greg Migliore reports on this edition of Autoblog Minute Weekly Recap. Show full video transcript text [00:00:00] Ferrari unleashes the F12 TdF, Model S owners get an exciting announcement from Tesla, and Fiat North America undergoes a leadership change. I'm Senior editor Greg Migliore, this is your Autoblog Minute Weekly Recap. Ferrari's new F12 TdF gets its name from the legendary Tour de France race that Ferrari dominated back in the 50s and 60s. [00:00:30] This new Ferrari is derived from the naturally aspirated F12 Berlinetta's engine. There are styling and performance upgrades, and the company highlights changes in aerodynamics, weight reduction, and faster shifts. The result, Ferrari says, is a blistering zero to sixty-two time of, 2.9 seconds. It's pretty fast. Tesla released software version 7.0 for Model S owners. The big takeaway from this update is the much anticipated Autopilot mode. Tesla says Autopilot [00:01:00] allows Model S to steer within a lane, change lanes, and manage speed. Software version 7.0 will also allow for digital control of the motors, brakes, and steering for collision prevention. Now do you hate parallel parking? Tesla's got you covered. The Model S can park on command, right after it scans for a spot and alerts you when one becomes available. Jason Stoicevich resigns shortly after losing control of the Fiat brand. Automotive News reported that Stoicevich's leadership role at Fiat was handed over to the company's [00:01:30] head of the Dodge brand. That's Tim Kuniskis. The report cites diminished sales figures as a key reason for the personnel change at Fiat. This change resulted in Stoicevich leaving FCA altogether. Those are the highlights from the week that was. Be sure to check out my full recap this Saturday. Plus I'll have some added insight into BMW's M2. For Autoblog, I'm Greg Migliore. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals.