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Ferrari investors want assurance on goals, SUVs on eve of vehicle reveal

MILAN — Ferrari's new boss has his work cut out on Tuesday to convince investors that the supercar maker can hit mid-term targets he described last month as "aspirational." The company's share price slid more than 8 percent on Aug. 1 after Louis Camilleri said he saw "risks" ahead, with investors worrying he may have sought to lower expectations on the targets set by his predecessor, Sergio Marchionne. Former tobacco exec Camilleri was appointed Ferrari CEO in July, succeeding Marchionne, who died from complications following surgery. The sudden change jolted investors who had expected Marchionne to remain as CEO and chairman until 2021, having more than doubled Ferrari's value since taking it public in 2015 and pledged to double core earnings (EBITDA) to 2 billion euros ($2.3 billion) by 2022. It also left Camilleri to finish scripting a strategy to show how the company known for its racing pedigree and roaring combustion engines would shift toward making a sport utility vehicle (SUV) and hybrid cars while increasing shipments without sacrificing its exclusivity. "Investors want to hear whether Ferrari confirm the 2 billion euro figure, which was already seen as ambitious and now somewhat put in question by the new CEO," said Emanuele Vizzini, general manager at Milan-based investment fund Investitori Sgr. "And how they plan to expand the portfolio, including an SUV." 'Nurture what he's found' When Camilleri faces investors at Ferrari's Maranello headquarters on Tuesday he 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 icon rather than a carmaker and managed to do what few thought possible: sail through a self-imposed cap of 7,000 cars a year without sacrificing pricing power or its exclusive appeal. "Ferrari is running almost on autopilot ... Camilleri should not take any risks at this stage but nurture what he's found," said Carlo Gentili, CEO at asset manager Nextam Partners. When Ferrari's share price hit a record high of 129.50 euros in June, the company that sold slightly fewer than 8,400 vehicles last year was worth about 24 billion euros. That is almost as much as Fiat Chrysler <FCHA.MI>, which shipped 4.7 million cars. With profit margins above 30 percent, strong pricing power and a healthy customer waiting list of more than a year, Camilleri inherits a business that is firing on all cylinders.

Ferrari's Charles Leclerc takes third straight pole at Singapore GP

SINGAPORE — Ferrari driver Charles Leclerc claimed a third straight Formula One pole position on Saturday after outpacing championship leader Lewis Hamilton in qualifying for the Singapore Grand Prix. Leclerc clocked a lap of 1 minute, 36.217 seconds at the 5-kilometer (3.1-mile) Marina Bay street circuit, beating Hamilton by 0.191 seconds. Leclerc's teammate Sebastian Vettel was third. "If you look at the lap, it was a good lap, but there were some moments that I lost control," Leclerc said. "We brought some new bits that worked properly, which was good to see. I had a very tough Friday and didn't feel comfortable in the car, but we worked hard and it paid off." Leclerc has won the previous two races. After his first-ever F1 victory in Spa at the Belgian GP, the 21-year-old Leclerc became the first Ferrari driver to win the Italian GP since Fernando Alonso in 2010. Hamilton holds a 63-point lead over Mercedes teammate Valtteri Bottas with seven races remaining. "I don't know where Ferrari picked up their pace, it's not usually one of their circuits," Hamilton said. "But they did a great job, Charles did some great laps. Hopefully we can be in the mix with them tomorrow. I think we can be aggressive." While Hamilton already has eight wins this season, his last came at the Hungarian GP in early August. Pole position in Singapore is crucial as its one of the hardest tracks for overtaking in F1. The driver leading the field has won eight times in the past 11 years. Hamilton has won in Singapore the past two years. Another victory in Sunday's night race would move the Briton a step closer to his third straight championship and sixth overall, one shy of Michael Schumacher's record of seven titles. Vettel, whose contract ends in 2020, is on a 13-month winless streak. His last victory was at the 2018 Belgian Grand Prix. Vettel and Hamilton are the only two drivers on the grid with victories at Singapore — with four wins each. Red Bull's Max Verstappen was fourth, almost four-tenths behind Vettel. Bottas was fifth for Mercedes ahead of Red Bull's Alex Albon. Carlos Sainz Jr. took seventh place for McLaren in front of the Renault of Daniel Ricciardo. Nico Hulkenberg was ninth in the second Renault with McLaren's Lando Norris rounding out the top 10. Motorsports Ferrari Lewis Hamilton Sebastian Vettel singapore grand prix charles leclerc

Ferrari vetoes F1 engine supply cost cap

The costs associated with competing in Formula One are enormous. In addressing the problem, the FIA has proposed a number of measures aimed at reducing those expenses. But while most of the teams are apparently on board, one key player has exercised its veto to defeat the initiative. The issue came up at a recent meeting of the Formula One Strategy Group, where the participating parties discussed implementing a global cost ceiling, amending the regulations in order to drive down costs, and increasing the standardization of common parts. However one of the most concrete steps would have seen the FIA institute a maximum price which engine suppliers could charge independent teams for their power units. The issue was put to a vote, which the FIA reports passed with a "large majority." But Ferrari vetoed the measure, exercising the right accorded to it under the governing regulations – a step which the FIA will not contest. With its cost-cap measure defeated, the governing body has confirmed its intent to move ahead with proposals to bring in an outside engine supplier that will provide motivation to independent teams at a lower cost. As we recently reported, the price associated with securing power units from suppliers like Mercedes, Renault, and Ferrari, typically costs teams as much as $30 million per season – a solid two or three times what they cost in the previous V8 era. One of the leading contenders at this early stage to supply those low-cost power units is Cosworth. The British firm has long participated in the championship as an engine supplier, stepping back from the sport only recently. However other companies could enter a bid for the contract as well. A French outfit called PURE run by former BAR-Honda team principal Craig Pollock began development of an engine package back in 2011. BMW and Toyota both supplied V8 engines until a few years ago, while independent outfits like Mecachrome, Mugen, and TAG have also prepared F1 power units based on engines developed by major manufacturers. 26.10.15 FIA FORMULA 1 WORLD CHAMPIONSHIP - COST REDUCTION The FIA has studied cost reduction measures for teams participating in the FIA Formula 1 World Championship which were not conclusive, including: - a global cost ceiling, - a reduction in costs via technical and sporting regulations, - an increased standardisation for parts.