1978 Ferrari 308 Gt With 77k Original Miles. on 2040-cars

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Stellantis reports $15B profit in first year of merger

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group. The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses. The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros. CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year. Automakers have struggled with shortages of key parts such as semiconductor electronic components and rising costs for raw materials as the global rebound from the worst of the coronavirus pandemic brings more demand. The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base. The company accelerated its rollout of battery-powered vehicles, with sales of low-emission vehicles reaching 388,000 — an increase of 160%. Stricter environmental regulations in Europe and China are pushing automakers to roll out more electric vehicles with longer range. Stellantis started production of a hydrogen fuel cell commercial van under its Opel brand in December. Stellantis' other brands include Chrysler, Citroen, DS, Fiat, Maserati, Ram and Vauxhall. Related video: Earnings/Financials Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot Vauxhall

Ferrari USA boss takes over as F1 team principal steps down

Stefano Domenicali, the team principal of Ferrari's struggling Formula One team, has resigned. Domenicali's term at the helm of the legendary F1 team started with a bang, as the Scuderia captured the constructors' title in 2008, but went downhill rather quickly.
In his tenure, Domenicali, above, has witnessed Red Bull assert its dominance of F1 while the red cars from Italy have languished, failing to even challenge for a championship during the past four seasons. Ferrari's best season under Domenicali was 2012, and it still finished 60 points behind Red Bull.
Domenicali issued a statement saying he took "responsibility, as I have always done, for our current situation."

1957 Ferrari 250 Testa Rossa sells for record $39.8 million

This might not come as a shock, but ultra-rare vintage cars are only going to get more expensive as time rolls on, particularly if there's a prancing horse on the car's nose. For example, in 2011, a Ferrari 250 Testa Rossa sold for $16.39 million. In February 2012, a 1964 250 GTO sold for nearly $32 million. Later that year, a 1962 250 GTO sold for $35 million. It was the most expensive car ever sold, making last year's 275 GTB/4 NART Spider and its $27.5-million auction price seem like a drop in the platinum-lined bucket. Now, there's been another high-dollar Ferrari sale.
An unrestored, 1957 250 Testa Rossa was reportedly sold for over $39 million, making it the most expensive car ever sold in the United Kingdom. Just for perspective, $39 million is about 28 LaFerraris or roughly 128 F12 Berlinettas. It's not the most expensive car ever sold, but it still represents a huge sum of money for a classic car. Part of the reason for chassis number 0704 - the car pictured above is 0714, which sold for a mere $12.2 million in 2009 - being sold for so much is down to its excellent provenance.
It made its race debut at the 1957 24 Hours of Le Mans, although it failed to finish. Phil Hill and Peter Collins racked up wins with this exact car in Buenos Aires and Sebring, according to the folks at Hemmings. Combining race wins by a former Formula One World Champion with an unrestored example of an extremely rare car (one of just 34 250 Testa Rossas ever built) makes its monumental sale price almost seem reasonable.