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Ferrari gives employees record $5,600 bonus on strong year

Ferrari has got to be a great place to work. In fact, it's named as one of the best places to work in Europe year after year. Add to that the pride of making some of the coolest cars in the business, running one of the winningest teams in all of motorsports (even if the Scuderia isn't doing so well thus far this season) and all around standing for the best Italy has to offer, and you've got the makings of a dream job. And it just got a bit sweeter.
That's because Ferrari has just awarded each and every one of its employees a bonus of 4,096 euros - the most the company has ever paid. That's equivalent to over $5,600 at today's exchange rates, and represents a whopping 20 percent of the annual salary for a recently hired young employee. Following two advances of 1,000 euros each, that means employees will find an extra 2,096 euros in their pay checks this month, which may not be enough to buy a new California T or 458 Speciale, but should finance a nice shopping spree of t-shirts and paperweights at the Ferrari Store or a family vacation to Ferrari World in Abu Dhabi.
The bonuses are part of a deal signed with the union in 2012, but are enabled by record profits reported by the company over the last couple of years. After 2012 emerged as Ferrari's most profitable fiscal year, it moved to reduce production, thereby increasing the value of each new car it sells to drive profits up even higher. Nice work, in short, if you can get it.

Video proof that LaFerrari has a pure electric mode

Typically, a hybrid car, with its gas engine and an electric motor/battery pack is able to run on both forms of propulsion independently of each other. That means you can sip gas, run on pure electricity or some variation there of. The Ferrari LaFerrari is not like other hybrids.
See, the successor to the Enzo has batteries, an electric motor and a great, thumping V12 engine, but unlike its rivals from McLaren and Porsche, it has no standalone electric mode. That's been Ferrari's party line since day one. But have the Italians been exaggerating a bit? Judging by this video, it seems like a real possibility.
The video comes from what we're guessing is a European track day. It shows a black LaFerrari stealthily sailing through a tunnel on pure electric power, which it shouldn't be able to do, before its 789-horsepower V12 fires to life.

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