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Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

The troubled Alfa Romeo Giulia needs serious help [UPDATE]

UPDATE: An Alfa Romeo US spokesman responded to this article with the following statement: The safety concerns expressed in the story are false. The all-new 2017 Alfa Romeo Giulia is designed and engineered to meet or exceed all federal safety regulations. The Alfa Romeo Giulia will begin production for the North American market in the late second-quarter of this year. Alfa Romeo will have a full product portfolio of premium vehicles that includes plans for (8) all-new Alfa Romeo vehicles by 2020. The product launches are prioritized by segment volumes starting this year with the Alfa Romeo Giulia production for North America starting in late Q2, followed by the Midsize-UV – the 2nd largest premium segment in North America. Even on the day you dragged them kicking and screaming and gesticulating wildly to a table full of concrete evidence, Alfa Romeo executives will never admit the Giulia program is going through a tough patch. But it is. Reports say the Giulia, on the eve of production, didn't just fail one internal crash test, but failed the front, side and rear impact tests. Alfa denies it. Automotive News published a report last week saying two suppliers had insisted the Giulia, on the eve of production, didn't just fail one internal crash test, but failed the front-, side-, and rear-impact tests. A third supplier source told us the same thing. Alfa is denying it. It was due on sale in Europe late last year and was supposed to be here in the next month or two. But it wasn't, and it won't. It was to be headlined by a twin-turbo V6 that reportedly howled its way around the Nurburgring 14 seconds faster than the BMW M3 could manage. That second part is only true if you believe it's fair to compare a full lap in a standard BMW M3 with a favorable accumulation of sector times to a development prototype Giulia with 220 pounds stripped out of it and rolling on hand-cut racing slicks. No, me neither. A Promising Start The Giulia's all-new architecture was developed in just two years by a skunkworks of young engineers headed by Fiat's engineering prince, Philippe Krief, and (bafflingly) sited inside Maserati's headquarters complex in Modena, about three hours from Alfa Romeo's own Turin HQ.

Despite early struggles, Ferrari F1 still has Mercedes in its sights

It would be an understatement to say that Ferrari has not had the opening to the 2016 Formula 1 season that it had hoped for. Having come in to the new campaign brazen about wanting a winning start, that Mercedes has taken all the poles and all race victories so far has come as a disappointment. There have been other headaches too – including reliability problems for both Kimi Raikkonen and Sebastian Vettel, and of course the points lost with the China/Russia incidents with Daniil Kvyat. But perhaps of more concern is that the trend of performance has not pointed towards a narrowing of the gap between Mercedes and Ferrari – as the Silver Arrows advantage seemed greater than it had been any point this season in Russia. So with the results against it, and it seemingly having no response in pace terms, the cynics are already suggesting that it is game over for Ferrari's 2016 title ambitions. But that is not how Maranello itself sees the situation: and it still has reason to believe not only that there is plenty to play for this season: but that it can take the fight to Mercedes. Pressure game Ferrari is well aware that it needs to quickly make up lost ground in both championship standings (Mercedes has more than double its point haul) and pace terms. But rather than be downbeat about what has happened, team principal Maurizio Arrivabene still senses opportunities: especially with Mercedes appearing to be on the edge in reliability terms. And it this area that he thinks needs to be exploited to give Ferrari the opening it needs. "If you have before you a team that has won four races out of four, you cannot but take note that they are very strong," he said after the Russian Grand Prix. "But if we look at what happened to [Lewis] Hamilton [with engine problems in qualifying], we see that they also have had reliability problems. "We must put pressure on them. That is our first goal. "All their problems have happened on a single car, while ours have happened on both. But there are still 17 races to go, that is something worth emphasising, so there time to make up the difference." Power battle Ferrari introduced an upgraded engine at the Russian Grand Prix that it hoped would lift it closer to Mercedes in the power stakes. But the weekend appeared to show that wasn't the case, with Mercedes' advantage on the Sochi circuit – the fourth most power-sensitive venue on the calendar – appearing bigger than ever.