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FCA likely won't sell more than 10% of Ferrari stake

The initial public offering of Ferrari on the stock market is likely coming in the second or third quarter of this year, but apparently the exact stake of the Prancing Horse set to hit the exchange isn't final. When FCA first announced the plan to spin off Ferrari, the idea was for 10 percent of the stock to go on the open market in the US and maybe also in Europe. Another 10 percent would go to company vice chairman and Enzo's son Piero Ferrari, and the remaining 80 percent would be divided among current shareholders, including a large portion for the Agnelli family. FCA CEO Sergio Marchionne hasn't finished tweaking those numbers, though. Last month, he indicated the automaker might put more than 10 percent of Ferrari on the market to boost liquidity. However, the original proposal has now returned to the table. "I don't believe we will go above 10 percent," Marchionne said, according to Automotive News, but also noted things weren't final. By increasing the Ferrari stock on the open market for the IPO, FCA decreases the amount going to current shareholders, according to Automotive News. With that being the case, don't expect too much of the Prancing Horse to be offered up to investors when the stock hits the market. Related Video:

Sebastian Vettel's 13-race losing streak reflects Ferrari's struggles

MONACO — Sebastian Vettel's barren spell with Ferrari stretches to a dismal 13 Formula One races without a win, dating back to the Belgian Grand Prix last August. The veteran driver still holds No. 1 status at Ferrari mainly because of his experience. At times this season he has been slower than Charles Leclerc, his young and highly-motivated colleague keen to make an impression in his first season with the team. When asked if Vettel's performances had fallen below expectations for a four-time world champion, team boss Mattia Binotto defended him and said the problems were not down to the 31-year-old German. "First we need a good car ... which is performing sufficiently well to win," Binotto said. "It may be frustrating for him, no doubt. But first it's our duty to give him (one) that he can perform well (in)." The car is apparently not an issue Ferrari had anticipated. After strong performances in pre-season testing, it was touted as the team to beat, and even five-time champion Lewis Hamilton — winner of the past two championships — said so. But Hamilton and Mercedes teammate Valtteri Bottas have won all five races this season while Ferrari has a measly three podium places. The team's last win was by Kimi Raikkonen at the United States GP last October, two months after Vettel's victory in Spa. While Mercedes is all about smooth running, Ferrari's car is blighted by a front suspension issue, a deficit in cornering speed and such basic trouble as getting enough heat into the tires quickly enough. Ferrari's passionate tifosi fans, who are waiting for a first drivers' title since Raikkonen in 2007, are not happy with the current standings. Vettel is fourth, nearly 50 points behind championship leader Hamilton, while Leclerc is fifth. "After winter testing our confidence in the performance was higher than today," Binotto said with an air of resignation. "There are a lot of points to recover." Binotto has been with Ferrari a long time and was promoted from chief technical officer to team principal in January. He took over the role from Maurizio Arrivabene after two frustrating years in which Ferrari blew the title race, due to a bizarre combination of panicky errors from Vettel and a string of baffling strategical and technical mistakes within the team. Now there are worrying echoes of 2016 — when Ferrari failed to win a single race and Mercedes crushed its rivals.

GMC Hummer EV SUV first drive, RIP Camaro, Ferrari Roma Spider | Autoblog Podcast # 773

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. They start off with one of the week's biggest official news items — the impending death of the sixth-gen Chevrolet Camaro. On the subject of powerful American cars, they pivot to a teaser from Stellantis execs that there are big things ahead for its Dodge Charger SRT Daytona Banshee concept. From there, they look at Ferrari's new topless Roma and then get into Ford's multi-billion-dollar electric vehicle pivot. Speaking of expensive EVs, Joel just got back from driving the new GMC Hummer SUV. He also had the new F-150 Lightning Pro in his driveway, and that's followed by Greg's update on Autoblog's long-term Toyota Sienna.  Autoblog Podcast # 773 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News Chevrolet Camaro production will officially end after 2024 model year Dodge CEO teases more to come from Charger SRT Daytona Banshee Ferrari Roma Spider returns a front-engined soft top to the lineup Ford Model e losing billions as it says EV unit should be seen as startup What we're driving Ford F-150 Lightning Pro 2024 GMC Hummer EV SUV 2023 Toyota Sienna Platinum AWD Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: How to activate Crab Walk on the GMC Hummer EV