1987 Ferrari Testarossa Base Coupe 2-door 4.9l on 2040-cars

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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.

Beautiful Ferrari 250 California poised to break hearts, records

If you think buying a new Ferrari is expensive, just look at the prices collectors pay at auction for some of the brand's most desirable classics. The figures regularly delve well into eight figures. As in, tens of millions of dollars. One of the most sought-after is the Ferrari 250 GT SWB California Spider, and the one you see here looks poised to raise the bar yet again. One of only 56 made (and just 16 with open headlights), chassis number 2505 GT is an exceptional example of the breed in Blu Scuro with Pelle Beige interior. Unlike most Californias that were sent to the US, this particular one was delivered new within Italy, where it remained until 1974 when it moved to Switzerland for 20 years. Since undergoing full restoration by Ferrari's own Classiche department, it won top honors at the Cavallino Classic and honorable mention at the Concorso d'Eleganza Villa d'Este, it's been displayed at the Ferrari Museum in Maranello and was even driven by Luca di Montezemolo himself in the parade at the Finali Mondiali in Valencia a few years ago. Now it's going up for auction by RM Sotheby's at Villa d'Este next month, where it is sure to fetch a pretty penny or two. (And by "two," we mean "bajillion.") It's got quite an act to follow: the last time a California Spider traded hands, it sold for a record $18.5 million – and that was an unrestored barnfind – eclipsing the pristine example Gooding sold last summer for over $15 million. The records at Sports Car Market demonstrate that California Spiders hold the top spots for the most expensive variants of the iconic 250 GT ever sold at auction, and though pre-sale estimates place its value between $12 and 14 million, we wouldn't be surprised to see it fetch much more once the gavel drops. Though surely the most valuable, it's not the only collectible Ferrari up for grabs at the event on Lake Como this year. The California will be joined by a 1950 Ferrari 195 Inter Berlinetta along with an enviable quartet of Prancing Horse supercars (288 GTO, F40, F50 and Enzo) as well as a rare 599 GTB with a six-speed and HGTE package and a single-owner 575 Superamerica.

Sebastian Vettel risks losing F1 championship lead in Sunday's Italian Grand Prix

MONZA, Italy — Sebastian Vettel has been on the podium at Ferrari's home Italian Grand Prix for the past two years, but anything less than a win on Sunday could cost the German the lead in the Formula One championship points race. The Ferrari driver is only seven points clear of Lewis Hamilton, the difference between first and second place, with his Mercedes rival fresh from last weekend's pole-to-flag success in Belgium and 5-4 up on race wins. Hamilton won at Monza in 2014 and 2015 and was runner-up last year to now-retired teammate and eventual champion Nico Rosberg. The Briton has also been on pole at the "Pista Magica" for the past three years. But Ferrari has closed the gap, and Vettel can count on a wave of local support at the historic Milanese track where he took his first grand prix victory with Toro Rosso in 2008. "I think Monza is never a critical race for Ferrari. I think it's the nicest race," the four-times world champion told reporters ahead of a weekend that will also see his team celebrate their 70th anniversary. "We have a lot of support, so I'm really looking forward to it already." Vettel, with a new three-year contract signed only last weekend, won at Monza with Red Bull in 2011 and 2013 but has yet to do so in Ferrari red. If he does, he will become the first driver to win the race with three different teams since Britain's Stirling Moss in the 1950s. In 2015, Vettel's first season since switching to Ferrari, he finished second. Last year he was third. "We've been second, we've been third, so maybe we can get the last step on the podium that is missing," said the 30-year-old, adding that there was no reason for Ferrari to fear any circuit from now on. Hamilton will also have plenty of fans, with the locals respecting a true racer, and can make history with a record pole position after equaling Michael Schumacher's all-time tally of 68 in Belgium. The Mercedes driver knows he needs to make the most of the moment in the last European race of the season, with Ferrari likely to have the upper hand again once the action switches to Singapore. "Clearly we have not a bad car on the straights. I imagine it's going to be very, very close in the next race," he said after Spa. Red Bull, with Australian Daniel Ricciardo in his ancestral homeland and smiling following his third place in Belgium, will again be the best of the rest although Max Verstappen is likely to have grid penalties following his retirement in Spa.