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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.

Weekly Recap: Ferrari plans to gradually increase production by 2019

Ferrari has long been known for the exclusivity of its performance machines. It's on a different level than Porsche, BMW, and Mercedes. But as it transitions to a new era of independence from Fiat Chrysler, Ferrari is going to get a little less exclusive. It's by design, and it means a subtle, slow ramp-up of production – a move Ferrari believes will ensure its future by meeting growing demand in new markets. The strategy was detailed in SEC documents filed this month as part of the company's pending stock offering. The files reveal Ferrari will gradually increase shipments to about 9,000 units per year by 2019. This is a reversal of Ferrari's 2013 plans to cap production at 7,000 cars annually, which it hit on the nose that year. Ferrari shipments inched up to 7,255 in 2014, though that's down from 2012's record tally of 7,405. Ferrari is a vastly different operation than it was in 2013. Longtime chairman Luca di Montezemolo stepped down last fall, and FCA chief executive Sergio Marchionne has been overseeing the company since then. Its IPO has attracted high levels of attention from enthusiasts and investors. As expected, demand has reportedly outstripped the availability of the stock, which has an estimated offering price of $48 to $52 a share. Speaking of more Ferraris, the company revealed a limited-edition model this week called the F12tdf (shown above). Based on the F12 Berlinetta, the car is a salute to the Tour de France endurance auto race that Ferrari dominated in the 1950s and '60s. The V12 engine's output increases to 769 horsepower, while weight is cut by 243 pounds – allowing for a sprint to 60 mph in 2.9 seconds. Dramatic carbon-fiber elements and a radical redesign of the body panels give the F12 a more dramatic look. It will be limited to 799 units over the life of the car. If this is how Ferrari is increasing production, we're more than okay with the company's new strategy. OTHER NEWS & NOTES Tesla software unlocks Autopilot features Tesla released the latest version of its software for the Model S this week, which allows the all-electric sedan to drive in a semi-autonomous state called Autopilot. Tesla Version 7.0 enables the Model S to maintain lane position, change lanes by touching the turn signal, and manage the car's speed using an advanced, traffic-sensing cruise control. It also has a parallel parking feature, which searches for open spots and then parks your Tesla.

Ferrari completes two-year restoration of fire-damaged 225E

See this classic Ferrari? It looks pretty good, right? Well it didn't a couple of years ago, having been all but destroyed in a fire. But the Ferrari Classiche department completed a comprehensive two-year restoration process that's left it looking as good as (if not better than) new. The vehicle in question is a 1952 Ferrari 225E, one of the earliest sports cars the Prancing Horse made, just five years after its founding. It was delivered new to Count Antonio Sterzi, who campaigned it first in the Mille Miglia. The car went on to win events like the Bolzano-Mendola hillclimb and the Coppa InterEuropa at Monza, but after changing hands a couple of times, it was ravaged by a fire. View 7 Photos Several attempts were made in the decades since to bring it back to proper working condition. But it wasn't until its current Argentinian owner commissioned the factory's own restoration department to completely overhaul the burnt-out shell that it regained its luster. Over the course of two years, the Classiche studio has comprehensively reconditioned the 225E inside, out, and under the hood, sourcing original documentation from the factory archives to match the interior as close as possible to how it would have originally been outfitted, and giving it a beautiful two-tone blue and white paintjob. A FERRARI RISES FROM THE ASHES A fire-damaged 225E makes a triumphant return Maranello, 15 March 2016 – After almost two years of work, restoration of the 225E chassis no. 0178 is finally complete and the car is back in its owner's hands. The project was a huge challenge for the Ferrari Classiche department as the car, which belongs to an Argentinean collector, arrived in Maranello in a terrible state of repair, having been partly-destroyed in a fire. Racing past. The 225E left the factory in May 1952 and was first owned by Count Antonio Sterzi. It quickly made its competitive debut in none other than the Mille Miglia in the hands of that gentleman and his co-driver Nino Rovelli. In June the same year, the 225E won the Coppa della Toscana with Bruno Sterzi who also raced it to victory in the Bolzano-Mendola hillclimb and the Coppa InterEuropa at Monza for which both front and rear bumpers were removed. The car changed hands a couple of times but was then involved in a fire in which it sustained severe damage. The engine, however, was almost entirely salvageable and an attempt was made during the 1980s to restore the bodywork.