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Ferrari stock falls after new CEO calls Marchionne's goals ‘aspirational’

MILAN — Ferrari's new boss sought to reassure investors that he would execute midterm targets set by his predecessor, Sergio Marchionne, but the stock has fallen by 12.5 percent since Wednesday after he described the goals to 2022 as "aspirational." Louis Camilleri was appointed chief executive of the Italian supercar maker on July 21, succeeding Marchionne, who fell seriously ill and later died after suffering complications following surgery. The sudden change jolted investors who had expected Marchionne, who nearly tripled Ferrari's value since taking it public in 2015, to stay on as CEO and chairman until 2021. It also left Camilleri, 63, to finish scripting a midterm strategy that will be presented in September and is meant to show how the company plans to achieve financial targets unveiled earlier this year, notably a goal to double core earnings to 2 billion euros ($2.33 billion) by 2022. In a post-results conference call with analysts, Camilleri said he and Marchionne, with whom he had interacted for years, shared the same ambitions for the company. The tobacco veteran, chairman and former CEO of Philip Morris International has served on the Ferrari board since 2015, while Marchionne in turn sat on the board of PMI. Asked about how he planned to deliver on the targets set by his predecessor, Camilleri said he would provide details during capital market days to be held on Sept. 17-18 at the company's headquarters in Maranello, Italy. "They are aspirational targets. At the capital markets day, we will tell you how we plan to get there," he said. "We will also have to disclose potential risks to that, but also significant opportunities that we see going forward." Ferrari's Milan-listed shares fell after the comments, and its shares on the New York Stock Exchange fell from a Wednesday high of $134.77 to $117.99 on Thursday morning. Tough act to follow At Ferrari, Camilleri has a tough act to follow. Marchionne orchestrated Ferrari's spinoff from parent Fiat Chrysler, positioned it as a luxury icon rather than a car manufacturer, and managed to do what few thought possible: sail through a self-imposed cap of 7,000 vehicles per year without sacrificing pricing power and exclusive appeal. When its share price hit a record high of 129.90 euros in June, the company that sold just under 8,400 vehicles last year was worth around 24 billion euros, almost as much as Fiat Chrysler, which shipped 4.7 million cars.

Ferrari 458 Speciale Spider will make Paris debut

The news out of Ferrari is coming nearly as fast as its wonderful sports cars, as of late, with CEO Luca di Montezemolo stepping down and a special model for America upcoming. Now, it's looking increasingly likely that the 458 Speciale Spider is making its world debut at the 2014 Paris Motor Show in early October, confirming earlier rumors.
Di Montezemolo had already confirmed that the Prancing Horse would unveil a new car in Paris, but exactly which model it would be had been a mystery. However, an unnamed Ferrari insider has recently confirmed to 4WheelNews that it would be the droptop Speciale.
As the name suggests, the special model takes the sonorous 4.5-liter V8 engine from the 458 Speciale with 597 horsepower and 398 pound-feet of torque and drops it into the convertible hardtop from the Spider. According to the source, the special Ferrari is also getting new wheels, stripes and seats, but the folding top might mean losing the coupe's transparent engine cover.

Scuderia Corsa ready to recapture glory at Le Mans

There's nothing else in this world like endurance car racing. Be it a relatively short race like the 6 Hours of Nurburgring or 24-hour endeavors like Le Mans or Daytona, drivers and cars alike are put through long and grueling racing that either ends in triumph or heartbreak. At this year's Detroit Grand Prix, we had a chance to sit down with Scuderia Corsa drivers Alessandro Balzan and Christina Nielsen just hours before they left for France to participate in first practice for the 24 Hours of Le Mans. Scuderia Corsa competes in the IMSA WeatherTech Sportscar Championship team in the GT Daytona class. This is the second year Balzan and Nielsen have partnered, and the relationship has been fruitful. The pair won the class championship in 2016 and are currently sitting in second for 2017. Despite being in the sport longer, this will be Balzan's first attempt at Le Mans. The pair will be joined by American Bret Curtis in the race, usually racing against Balzan and Nielsen behind the wheel of a BMW. "There's a lot to prepare for with this race," Balzan said. "Christina raced there last year, so she's helping me prepare. It's not like any other race, even something like Daytona. There's a lot of preparation that goes into this race." Everything from food intake to sleep schedules has to be adjusted and set appropriately. There's 24 hours of on-track action bookended by pre-race prep and a post-race cool down. Your body and mind must adjust accordingly, and it's not as simple as drinking a few cups of coffee and munching on an energy bar. Scuderia Corsa is the defending class champion at Le Mans, though not with Nielsen behind the wheel. The team is backed by Ferrari and competes with 488 GT3s, a stripped out, lightweight, race-only version of the 488 GTB. The cars share a version the 3.9-liter turbocharged V8, but the rest of the car has been extensively modified, bearing little resemblance beyond styling. "The cars don't share much with the regular car," Balzan said. The interior is all removed and the suspension and aero are all different. It looks similar, but it's really changed. It drives like a totally different car." That's par for the course with GT cars. While they might share more in common with road cars than something like the Porsche 919 Hybrid prototype, the world of race cars and production cars are far removed. That said, Balzan and Nielsen both enjoy the road car correlation.