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Ferrari looks to capitalize on brand name as it promises faster growth

MILAN — Strong sales of Ferrari's Portofino and 812 Superfast models enabled the Italian luxury carmaker to raise its outlook on Monday, with a new brand strategy promising even more growth. Ferrari's Milan-listed shares rose as much as 7.4% to an all-time high of 155.15 euros ($172.65) after it reported "solid" third quarter results and signaled a strong year ahead. The 'Cavallino Rampante,' or 'Prancing Horse,' launched a plan to enhance its brand through new apparel and accessory collections, entertainment offers, and luxury products and services for clients. They include an agreement with Italian fashion house Giorgio Armani and the opening of a restaurant with star chef Massimo Bottura in the group's hometown of Maranello in northern Italy. Ferrari expects the new brand initiative to represent around 10% of the group's profitability in the next seven to 10 years, in what Chief Executive Louis Camilleri described as an "ambitious but realistic target". "It is our intention to increase the size of the cake and our share of the cake," he told analysts in an earnings call, referring to the group's bid to expand revenues outside of selling cars. The new branding strategy builds on the group's aggressive roll-out of new premium models. Ferrari said core earnings would be around 1.27 billion euros ($1.41 billion) for the full year, topping a previous forecast of 1.2-1.25 billion euros ($1.34-1.39 billion). Camilleri said that this year Ferrari would match what it forecast last year for 2020. "I think it's rather premature for us to address 2020 at this time. But clearly, we do anticipate a strong year," he told analysts. The carmaker also increased its outlook on 2019 revenues to about 3.7 billion euros ($4.12 billion), from a previous forecast of more than 3.5 billion euros ($3.89 billion), and industrial free cashflow. "We expect the stock to rise but (the) focus will be on 2020," Morgan Stanley said in a note, adding that Ferrari's results were better than expected across the board. Ferrari will present its latest new model in Rome next week, taking the total to five this year, including the F90 Stradale, its first hybrid car in series-production. To support Ferrari's growth and profitability Camilleri's strategy plan from September last year promised to launch 15 new models between 2019 and 2022.

Watch a vintage Ferrari racing engine shoot blue flames on a dyno

It is exactly the kind of winter Tuesday that absolutely requires a three-liter Ferrari flat-12 screaming at almost 10,000 rpm. In case you have been looking for such footage, you are in luck: here is about a minute's worth of a Ferrari racing engine liberated from its chassis, revving its guts out. There are blue flames and wonderful sounds – it's perfect. The dyno numbers in the end show the 312B2 reaching 365 horsepower, and BangShift notes that it's most likely an endurance engine build, engineered to withstand use for a lot longer than the 1970s F1 races lasted. As the engine builder, Carobu Engineering says, it is "a standard rebuild on an existing engine platform with no additional modifications for power. The primary consideration was reliability and clean running. While not the most powerful vintage F1 engine, it has been very reliable and smooth." Carobu's video commentary also says that the engine was originally received with broken timing gears when they first rebuilt it years ago. The first build produced 289 horsepower at 9000 rpm, and the second rebuild made 365 horsepower at 9800 rpm thanks to improved injection system tuning and ignition optimization. Related Video: News Source: Carobu Engineering via BangShift, JalopnikImage Credit: Carobu Engineering Beijing Motor Show Ferrari Racing Vehicles Videos ferrari f1

Michigan man gets jail time for Ferrari engine sale

Tax evasion is not something to mess about with. Ask Al Capone. For most of us that sell stuff, though, it's not something we really think about. Are you honestly going to pay taxes on that old iPhone 5 you sold? The couch with the questionable stain? No, because paying tax on something you sold for a relative pittance is just a pain in the butt. If you sell one of Aurelio Lampredi's Ferrari engines – used in a range of vintage racers, including the 750 Monza shown above – for over $600,000, you might want to make a point of paying the taxes on your profits. A Michigan man found that out the hard way, Reuters reports, after selling the Lampredi engine in 2009. 71-year-old Terry Myr of Smiths Creek, MI, was convicted in April of tax evasion and four counts of failing to file a tax return and was sentenced to two years in prison and two years of supervised release on Thursday. He was also ordered to pay $738,904 in back taxes, interest, and penalties – he already owed $195,000 in back taxes before his conviction – by a US District Court judge, Reuters reports. Now, this wasn't a simple case of Myr forgetting to set some money aside from the sale. The buyer wire-transferred the $610,000 into a corporate account he made the week prior. Then, Myr promptly withdrew $360,000, which he used to buy silver and gold coins, while the remainder was transferred to other accounts – be they personal or corporate – or simply used for checks to cash. Hence the tax evasion charge. According to Reuters, no explanation was given as to how Uncle Sam uncovered the engine sale in the first place. Related Video: