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Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

Fangio's Ferrari 290 MM should top $28 million at auction

Of all the legendary pilots that have driven for the Scuderia over the years, few carry the kind of clout that did one Juan Manuel Fangio. A five-time world champion from another era, Fangio won a couple dozen grands prix and a fair few sports car races as well, driving for the likes of Mercedes, Alfa Romeo, Maserati, and of course Ferrari. What you see here is the car that Enzo's outfit built especially for Fangio. And now it's going up for auction, where it's anticipated – with good cause – to fetch big bucks. This 1956 Ferrari 290 MM – chassis number 0626 – was designed for Fangio to drive in the Mille Miglia. It would be the last time he would compete in the event, before being scrapped the following year. Victory in the thousand-mile race once again eluded the legendary Argentinian with a fourth-place finish, achieved single-handedly. But that wasn't the end of the story for 0626. It would go on to be raced by Phil Hill at the Nurburgring, by Alfonso de Portago at the Rouen Grand Prix, by Wolfgang von Trips at the start of his career with Ferrari, and won the Buenos Aires 1000 KM in 1957. Victories like those helped Ferrari clinch the manufacturer's title in both 1956 and '57, campaigns in which the 290 MM played an integral part. One (and arguably the best) of only four examples made, 0626 was never crashed during its decorated career. After its retirement from the Scuderia, it made its way through the hands of numerous collectors and racers on both sides of the Atlantic. It spent 34 years in the Mas du Clos collection of Pierre Bardinon before being acquired by its current owner, who in turn is now putting it up for auction. It will feature as part of RM Sotheby's upcoming Drive by Disruption sale in New York on December 10, where it is expected to sell for over $28 million. That would make it the most valuable car ever handled by the venerated auction house, outshining the 1967 Ferrari 275 GTB/4 NART Spider it sold at Monterey in 2013 for $27.5 million. Of course it's not the only lot consigned for the Manhattan event. It'll be joined by a spectacular blue 1955 Ferrari 500 Mondial that's expected to fetch around $6 million, as well as a 1962 Aston Martin DB4 GT Zagato (~$16m) and a Lamborghini Concept S (~$3m), to name just a few highlights on the horizon.

Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video:

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 F12 TdF, Tesla Autopilot, Fiat Leadership Change | Autoblog Minute

Ferrari unleashes the F12 TdF, Model S owners get an exciting announcement from Tesla, and Fiat North America undergoes a leadership change. Senior editor Greg Migliore reports on this edition of the Autoblog Minute Weekly Recap. Ferrari Fiat Tesla Autoblog Minute Videos Original Video ferrari f12 tdf

Autoblog Minute: Ferrari F12 TdF, Tesla Autopilot, Fiat brand leadership change

Ferrari unleashes the F12 TdF, Model S owners get an exciting announcement from Tesla, and Fiat North America undergoes a leadership change. Senior editor Greg Migliore reports on this edition of Autoblog Minute Weekly Recap. Show full video transcript text [00:00:00] Ferrari unleashes the F12 TdF, Model S owners get an exciting announcement from Tesla, and Fiat North America undergoes a leadership change. I'm Senior editor Greg Migliore, this is your Autoblog Minute Weekly Recap. Ferrari's new F12 TdF gets its name from the legendary Tour de France race that Ferrari dominated back in the 50s and 60s. [00:00:30] This new Ferrari is derived from the naturally aspirated F12 Berlinetta's engine. There are styling and performance upgrades, and the company highlights changes in aerodynamics, weight reduction, and faster shifts. The result, Ferrari says, is a blistering zero to sixty-two time of, 2.9 seconds. It's pretty fast. Tesla released software version 7.0 for Model S owners. The big takeaway from this update is the much anticipated Autopilot mode. Tesla says Autopilot [00:01:00] allows Model S to steer within a lane, change lanes, and manage speed. Software version 7.0 will also allow for digital control of the motors, brakes, and steering for collision prevention. Now do you hate parallel parking? Tesla's got you covered. The Model S can park on command, right after it scans for a spot and alerts you when one becomes available. Jason Stoicevich resigns shortly after losing control of the Fiat brand. Automotive News reported that Stoicevich's leadership role at Fiat was handed over to the company's [00:01:30] head of the Dodge brand. That's Tim Kuniskis. The report cites diminished sales figures as a key reason for the personnel change at Fiat. This change resulted in Stoicevich leaving FCA altogether. Those are the highlights from the week that was. Be sure to check out my full recap this Saturday. Plus I'll have some added insight into BMW's M2. For Autoblog, I'm Greg Migliore. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals.

Take a video tour of the Ferrari F12 TdF's V12 engine

Ferrari's transformation of the F12 Berlinetta from a handsome GT into a road-devouring monster – the F12 TdF – seems impressive. To make sure the engine has a wail to match the threatening exterior, the Italians massaged the 6.3-liter V12 up to 769 horsepower and 520 pound-feet of torque. It now redlines at a screaming 8,900 rpm, and propels the coupe to 62 miles per hour in just 2.9 seconds. This new video takes viewers inside the upgraded mill to illustrate how these improvements were made. Among the host of changes, the intake receives variable-geometry intake trumpets. Even in his computer-animated video, they're amazing to watch in action. Ferrari has some other tricks too, though. Let the company show you the benefits of all the tweaks in this clip.

Ferrari will increase production by 30% to 9,000 cars per year

After years of keeping production purposefully limited to guarantee exclusivity under the reins of Luca di Montezemolo, Ferrari is looking to seriously ramp up its numbers in the near future. A filing with the Securities and Exchange Commission indicates the iconic, Italian supercar maker intends to boost volume by 30 percent to reach around 9,000 vehicles annually by 2019, according to CNBC. Because Ferrari is already doing quite well financially, the extra sales would likely offer a serious boost to profits in the early years after its $10-billion initial public offering. Ferrari's filing also mentions growing demand in emerging markets and a larger "spending capacity" among wealthy buyers as reasons for growing the volume, according to CNBC. However, the company's execs intend to watch how the strategy works and ensure that the brand keeps an air of exclusivity. Sergio Marchionne initially promised to keep annual volume around 7,000 supercars last year. However after taking over as the Prancing Horse's chairman, he reportedly started considering pushing the numbers closer to 10,000. With Marchionne potentially becoming Ferrari CEO as well, the company's future is largely in his hands now. Under Marchioness plan, Ferrari plans to launch a new model each year through 2018. The Prancing Horse is reportedly developing a modular, aluminum space frame to underpin most of its future vehicles. The first to get it might be the next-gen California in 2017. Related Video:

Translogic 186: 1978 Ferrari 308 GTE Virtual Reality Test Drive

For years we've heard about how virtual reality will revolutionize the world, but only recently does the technology seem poised to hit the mainstream. From advanced headsets like the Oculus Rift, to simple cardboard viewers that turn your smartphone into a VR device, 360-degree videos promise to take us closer to the action than ever before. What does it all mean for the automotive world? Imagine first-person views from behind the wheel of your favorite car, at a famous track. Or, augmented-reality owners manuals. Or, in the instance of today's episode of Translogic, a ride-along in an all-electric Ferrari with host Jonathon Buckley. We partnered with industry innovators from 8112 Studios to bring you a 360-view test drive of a 1978 Ferrari 308 GTS, converted to an all electric "GTE" by EV West. Hear about the process in the episode above, and experience the 360-VR test drive using the player below. To experience the 360-VR test drive on your smart device, download the Littlstar app on the App Store for iOS or Google Play for Android. Watch the 360-VR test drive on your computer using the Littlstar player below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Oculus Rift users can download the 360-VR video file here. YouTube users can watch here. Can't get enough of automotive VR content? Take a virtual test drive of the newest luxury vehicles with our Autoblog 360 app! Have an RSS feed? Click here to add Translogic. Follow Translogic on Twitter and Facebook. Click here to learn more about our host, Jonathon Buckley. Green Ferrari Technology Emerging Technologies Gadgets Smartphone Convertible Electric Performance Translogic Videos Original Video virtual reality

Without engine deal, Red Bull could be squeezed out of F1

It would have seemed unthinkable just a couple of years ago when it was winning more races than it lost and scoring one world championship after another, but these days Red Bull can't get a competitive engine. And if it doesn't get one soon, it could be forced out of Formula One altogether. This development emerges after two years of the once indomitable but now deteriorating relationship between Red Bull and its longtime engine partner Renault. When F1 switched from the previous V8 engines to the new hybrid turbo V6 power units ahead of last season, Renault dropped the ball, and Mercedes picked it up. Ferrari has since recovered much of the lost ground to push the Mercedes factory team for wins, but Red Bull and Renault have not. The stress of falling off their perch has left both parties pointing fingers at each other to the point that the team's longtime technical director Adrian Newey doesn't think the marriage is salvageable, or worth salvaging. "Unfortunately, our relationship with Renault is pretty terminal – there's been too much of a marriage breakdown, so we have no engine," said Newey. That's left Red Bull looking elsewhere for a new engine deal, but so far it's been unable to find one. The prospect of replacing sponsor Infiniti and supplier Red Bull with a similar partnership with Aston Martin and Mercedes has apparently come to naught. And the proposed buyout and engine deal from the Volkswagen Group evidently collapsed in the wake of that brand's diesel emissions scandal. That leaves Red Bull to turn to one of the existing engine suppliers in the series, and apparently neither Ferrari nor Mercedes are willing to sell their engines to one of their chief rivals. As McLaren has demonstrated this season, the Honda engines aren't up to speed, either. Which leaves Red Bull with nowhere else to turn. And if it doesn't find something in time for next season (or the following one at the latest), Newey says it may have to pack it in and close up shop. "Red Bull should not be put in a position where they're only there to make up the numbers." Related Video: News Source: Reuters via Motorsport.comImage Credit: Felipe Dana/AP Motorsports Ferrari Renault F1