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Ferrari to reveal California-based 149M on February 12

The updated, turbocharged Ferrari California might be the Prancing Horse's worst-kept secret ever. The long-rumored car was spotted testing last summer at the Italian dreammaker's Fiorano test track with the unmistakable whistle of a forced-induction engine, and Ferrari is now teasing the reveal of its "149M Project" on February 12. Because that the original codename for the California was the F149, the new car is almost certainly the refreshed version.
The exact engine under the hood is still a mystery, but it is rumored to be a tuned version of the 3.8-liter, twin-turbocharged V8 found in the Maserati Quattroporte with 523 horsepower and 524 pound-feet of torque, an engine that is already a significant upgrade over the 483 hp and 372 lb-ft in the current California. Other reported upgrades suggest there is the possibility of revised exterior pieces to make the new model look more like the F12 Berlinetta, along with an improved interior featuring a more modern infotainment system. As expected, Ferrari has no plans to drop the California's retracting hardtop for the updated model.
While Ferrari will debut the new car on February 12, the public will probably not get its first chance to check out the brand's entry-level sports car until the Geneva Motor Show in March.

Ferrari CEO Amedeo Felisa reportedly stepping down [UPDATE]

Update: In a statement to Autoblog, Ferrari USA predictably responded: "We do not comment on rumors. There is no announcement at this time." Rumors are currently swirling in the European media that Ferrari CEO Amedeo Felisa (pictured above) is stepping down from his position at the Prancing Horse. An exact timeframe isn't clear at this time. Motori Online from Italy indicates Felisa might not leave the company until September, whereas Autocar reports that he has already resigned from the Italian automaker. Autoblog has reached out to Ferrari for clarification, but the Maranello-based firm has not yet officially confirmed any of this speculation. Felisa has been the company's CEO since 2008 when Jean Todt stepped down. He joined Ferrari in 1990 as the director of product development and became general manager there in 2006. Felisa was also among people thought possible to take the role as chairman when Luca di Montezemolo left the Prancing Horse last year. Sergio Marchionne retained that role. If these rumors prove true, Felisa's departure would be the biggest corporate shakeup at Maranello since di Montezemolo's departure. The move would also come at a time that's not particularly pleasant for Ferrari or its corporate parent. Marchionne recently indicated that the Prancing Horse was just days away from filing the prospectus for its imminent initial public offering. The Fiat Chrysler Automobiles executive had previously put Ferrari's value at around $11 billion. So far, all we have are rumors and reports, but as soon as we know more, so will you. Stay tuned.

US Customs takes break from crushing Skylines, returns stolen Ferrari [UPDATE]

Update: A spokesperson from US Customs and Border Protection told Autoblog more details about the case. The thieves "completely removed the '81 VIN, and changed it to the '82 VIN," the spokesperson said. "The true VIN was identified through secondary numbers." US Customs and Border Protection often gets a bad rap among auto enthusiasts for the agency's propensity to crush fun cars, including Minis, Land Rovers, and Skyline GT-Rs. However, the group also sometimes finds stolen classic vehicles just before they leave the country. For example, officers recently recovered a stolen Ferrari nearly 30 years after the owner reported it stolen. The 308 GTSi was on its way to Poland from the Los Angeles/Long Beach Seaport on April 8th, but the officers found something fishy. This Ferrari was supposed to be a 1982 308 GTS, but running a check indicated that the coupe with that VIN left the US for Norway in 2005. "This VIN discrepancy is what 'raised a red flag' and prompted further scrutiny," CBP LA/LB Seaport Port Director Carlos Martel said in a statement. The CBP contacted the California Highway Patrol and the National Insurance Crime Bureau. A Ferrari expert eventually identified the car as a 1981 308 GTSi. Once the authorities obtained the correct VIN, the system listed the Ferrari as stolen from a consignment lot in Orange County, CA, on July 19, 1987. Unfortunately, the original owner doesn't get to enjoy having the Ferrari back. The Prancing Horse now belongs to the insurance company because it paid off the claim on the car decades ago. It might be worth trying to buy the Ferrari again, though. The red 308 GTSi still looks like a beauty in CBP's photo, and coupe has only covered 45,000 miles since 1981. Stolen 28 Years Ago, CBP Seizes Classic Red Hot Ferrari Release Date: April 14, 2016 "Red Flag" Prompts FEAR Team Scrutiny LOS ANGELES — U.S. Customs and Border Protection (CBP) officers at Los Angeles/Long Beach (LA/LB) Seaport complex intercepted and seized a red 1981 Ferrari 308 GTSi, destined to Poland, on April 8. It was stolen 28 years ago, has 45K miles and an estimated value of $50K. red 1981 Ferrari 308 GTSi seized by CBP CBP officers at LA/LB seaport seized this 1981 Ferrari 308 GTSi, destined to Poland. It was stolen 28 years ago. Falsely manifested as a "1982 Ferrari", analysis of its purported vehicle identification number (VIN) revealed that the VIN was previously used for a 1982 Ferrari 308 GTS exported in 2005, from the U.S.