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New Chevy ad suggests truck war is alive and well | Autoblog Minute

Senior Editor Greg Migliore discusses Range Rover spy shots, Faraday Future's new executive hire, and the Chevy-Ford truck war. Ferrari Ford SUV Autoblog Minute Videos Original Video transportation faraday future marco mattiacci

Ferrari, not Tesla, might be the stock to buy

Last week Tesla's earnings – or lack thereof – were one of the big stories in the auto industry. As usual, the electric carmaker didn't make money, but the news sent the market, analysts, and Tesla's devoted fans into a lather. But another company, this plucky upstart called Ferrari, also attracted a positive reaction from the market and actually had the financials to back it up. Ferrari posted net revenues of $898 million (at today's exchange rates) EBITDA of $265 million (a slightly complicated way to snapshot financial performance) and an adjusted net profit of $136 million in the first quarter. The company delivered 2,003 cars, and sales of its V12 models increased 50 percent. It quietly made progress nearly a year and a half into its life as an independent automaker. For 2017, Ferrari expects to deliver 8,400 cars and rake in net revenue of $3.6 billion. No one thought Ferrari would flounder when Fiat Chrysler Automobiles spun it off in fall 2015. With a rich history, expensive products, and its own loyal fan base that's arguably even larger than Tesla's, the company seemed poised for success, though skeptics wondered how it might fare after longtime chief Luca di Montezemolo stepped down before the spinoff. Plus, the company remains within the FCA sphere, as its key stakeholders are largely connected to its former parent in some way, and Chairman Sergio Marchionne also steers FCA. Last week's results showed Ferrari is gaining footing in the evolving automotive world, and analysts responded. UBS analyst Michael Binetti reiterated Ferrari stock (RACE on the NYSE) as buy status and raised his target price from $85 to $92. Morgan Stanley's Adam Jonas was even more bullish, raising projections to $100 in the next 12 months. Shares were trading around $82 Monday morning. Both analysts viewed Ferrari as something different than a conventional automaker stock, with Binetti comparing it to luxury house Hermes, which produces high margins even for a specialty goods maker. Jonas suggested Ferrari's singular reputation and history (16 Formula One Constructors titles, the most ever) could insulate its products when autonomous and electric cars become even more commonplace. "In our view, a Ferrari is not transportation," he wrote in a note to clients. "Ownership is viewed as an exclusive club, and membership requires more than just money.

1960 Ferrari 250 GT sells for over $8 million in record-setting RM auction weekend

Although the vast majority of eyeballs were tuned to the madness at Barrett-Jackson this past weekend, that televised car auction wasn't the only high-dollar game in Arizona. RM Auctions brought its usual gaggle of exotic wares to the desert, and the car that came out on top sold for much more than Barrett-Jackson's highest sale, the Batmobile.
Coming out on top at RM last weekend was Lot 164, a 1960 Ferrari 250 GT SWB Berlinetta 'Competizione' that sold for a massive $8,140,000 - the buyer could've nearly bought two Barris Batmobiles for that chunk of change. Lot 122, a 1967 Shelby 427 'Semi-Competition' Cobra, stood at $2,007,500 in second place, just in front of Lot 145, a 1967 Ferrari 275 GTB/4, which sold for $1,842,500.
After all said and done, RM reported $36.4 million in sales. That's a record for RM in Arizona, even though the total number of lots for 2013 was reduced significantly. Eight machines cracked the million-dollar mark, and you can see all of them in the press release right down below or peruse all of the auction results here. But first, be sure to scroll through our high-res image gallery of live photos above.