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Weekly Recap: Ferrari pens a provocative F1 car of the future

Scuderia Ferrari unveiled its vision of the future for Formula One this week, revealing sketches of a sleek, muscular racecar. Called the Concept F1, Ferrari is showcasing the design to start a conversation about the next generation of Formula One cars and spur interest in the sport, which has been maligned for its unattractive racecars in recent years. The Concept F1 was penned by the company's in-house studio, Centro Stile Ferrari, with input from its aerodynamics department. Though the sketches look futuristic, the company says the design could be executed without changing F1 regulations. From its beginning, Ferrari's racecars have had both form and function, winning on the track and turning heads with everything from the 250 Testa Rossa, 330 P3, Michael Schumacher's single-seaters from the early 2000s and many others. That lineage led the Scuderia's leaders to survey the paddock, wring their hands and come up with the Concept F1. As Ferrari said on its website: "Our challenge was to create something that was – to put it short – better looking." It's a philosophy that was implemented for this season's car, the SF15-T. While not groundbreaking in appearance, Ferrari cleaned up the design, particularly up front, and the racecar now has a more attractive nose that delivers better aerodynamics. It's more of the same in back, where a tighter design creates more downforce. "This year's car is certainly an awful lot better looking than last year's car," Ferrari technical director James Allison said in a video on the Scuderia's website. The updates come as Ferrari, and all F1 teams, get a better handle on the extensive 2014 rule changes that brought back turbocharged engines and altered the aerodynamic regulations for the series. Less dramatic changes also are going into effect this year. Ferrari, which is coming off a disappointing fourth-place finish in the World Championship, is obviously looking to the future. Appearances have always mattered for the red cars. We'll see if they bring the Scuderia success this season and beyond. Other News and Notes Next-generation Chrysler Town & Country spied Fiat Chrysler Automobiles is hard at work on the next-gen Town & Country minivan, and our spy shooters have captured heavily covered prototypes during testing on the road. We can't tell anything about the exterior design, though we see glimpses of an instrument panel (which looks vaguely Dodge Charger-esque) and infotainment screen inside.

Automakers not currently promoting EVs are probably doomed

Okay, let's be honest. The sky isn't falling – gas prices are. In fact, some experts say that prices at the pump will remain depressed for the next decade. Consumers have flocked to SUVs and CUVs, reversing the upward trend in US fuel economy seen over the last several years. A sudden push into electric vehicles seems ridiculous when gas guzzlers are selling so well. Make hay while the sun shines, right? A quick glance at some facts and figures provides evidence that the automakers currently doubling down on internal combustion probably have some rocky years ahead of them. Fiat Chrysler Automobiles is a prime example of a volume manufacturer devoted to incremental gains for existing powertrains. Though FCA will kill off some of its more fuel-efficient models, part of its business plan involves replacing four- and five-speed transmissions with eight- and nine-speed units, yielding a fuel efficiency boost in the vicinity of ten percent over the next few years. Recent developments by battery startups have led some to suggest that efficiency and capacity could increase by over 100 percent in the same time. Research and development budgets paint a grim picture for old guard companies like Fiat Chrysler: In 2014, FCA spent about $1,026 per car sold on R&D, compared with about $24,783 per car sold for Tesla. To be fair, FCA can't be expected to match Tesla's efforts when its entry-level cars list for little more than half that much. But even more so than R&D, the area in which newcomers like Tesla have the industry licked is infrastructure. We often forget that our vehicles are mostly useless metal boxes without access to the network of fueling stations that keep them rolling. While EVs can always be plugged in at home, their proliferation depends on a similar network of charging stations that can allow for prolonged travel. Tesla already has 597 of its 480-volt Superchargers installed worldwide, and that figure will continue to rise. Porsche has also proposed a new 800-volt "Turbo Charging Station" to support the production version of its Mission E concept, and perhaps other VW Auto Group vehicles. As EVs grow in popularity, investment in these proprietary networks will pay off — who would buy a Chevy if the gas stations served only Ford owners? If anyone missed the importance of infrastructure, it's Toyota.

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.