Ferrari Berlinetta 355 on 2040-cars

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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.

Ferrari CEO could retire Friday letting Marchionne step in

Rumors once again suggest that current Ferrari CEO Amedeo Felisa plans to retire from the role. Anonymous insiders tell Bloomberg that the announcement could come as soon as April 15, with an announcement at the company's upcoming investors meeting. Sergio Marchionne is the favorite to become the new CEO, the unnamed sources claim. Felisa would step down as CEO after Ferrari nominates its new board of directors, according to Bloomberg. He would likely retain a seat on the board and could still do some work at the company. Felisa joined the sports car maker in 1990 as director of product development. He replaced Jean Todt as CEO in 2008. Marchionne is already Ferrari's chairman, and taking on the CEO role in addition would give him greater control over the brand's future. Bloomberg's insiders note that Marchionne's takeover isn't final yet, and someone else could conceivably get the role. The sweater-wearing exec has a clear view for Ferrari's future, though. He plans to increase volume to around 10,000 vehicles a year, but he's staunchly against building an SUV or an EV. If he takes control, expect him to work out a plan to increase the Prancing Horse's share price. At its October IPO, the stock started at $52 a share; today it opened at $41.24. Rumors about this shift have been swirling for months. For example, reports from Italian media in June 2015 suggested Felisa would retire as CEO. Subsequent rumors claimed Marchionne was the frontrunner to take over the position. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Lewis Hamilton on pole in France, Sebastian Vettel only seventh

LE CASTELLET, France — Lewis Hamilton seized pole position for the French Grand Prix in track record time as Mercedes, chasing their 10th successive win, swept the front row of the grid in dominant fashion on Saturday. The Formula One world championship leader was 0.286 seconds quicker than team mate Valtteri Bottas. Ferrari's Charles Leclerc qualified third with team mate Sebastian Vettel a distant seventh on a distinctly off day for the German. The pole, in a time of one minute 28.319 seconds, was a record-extending 86th of Hamilton's career and his third of the season. "I'm happy that I got the potential out of the car, the team did a fantastic job," said five-times world champion Hamilton, last year's winner from pole at Le Castellet's Paul Ricard circuit. "We've just been chipping away at improving the set-up of the car," added the Briton, who is 29 points clear of Bottas after seven races — all won by the pair. Hamilton also triumphed in the last two of 2018. Bottas was fastest in the second phase of qualifying but could not match Hamilton's sizzling pace when it mattered in the final shoot-out. "The wind changed direction and there was a couple of corners my line didn't work and I had to work it out but Lewis had a better lap," said the Finn. Mercedes have looked to be in a class of their own all weekend, with Hamilton or Bottas fastest in every practice session with Leclerc, rather than Vettel, consistently the best of the rest. Vettel struggled, backing out of his first hot lap and then failing to string together all the sectors smoothly on his second attempt. "I don't know what happened, I lost so much momentum there was no point to finish that lap," said the German, who starts behind the Renault-powered McLarens of British rookie Lando Norris (fifth) and Spaniard Carlos Sainz (sixth). "Some laps it felt good and others it didn't. I didn't get the best out of the car but it was difficult for me, but some laps I didn't have he grip I had before." Vettel's time of 1:29.799 was eighth tenths of a second slower than Leclerc's best. Leclerc, who starts with Red Bull's Max Verstappen alongside, asked the team over the radio to get Vettel to speed up but the Monegasque said his lap had not been compromised. Australian Daniel Ricciardo starts eighth for Renault and Red Bull's Pierre Gasly lines up ninth for his home race with Italian Antonio Giovinazzi 10th for Alfa Romeo.