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Hot Wheels loses Ferrari diecast contract to Chinese company

If you're anything like this writer, chances are you've got a diecast model or two kicking around the house. And if one of those models replicates a Ferrari, chances are it's made by Hot Wheels. The Mattel brand secured an exclusive contract from the Maranello automaker in the late 1990s, but the latest word from Hemmings has it that Ferrari has ended its partnership with Hot Wheels and awarded it instead to the May Cheong Group. Unless you're an avid diecast collector, you may not have heard of May Cheong, but you may have heard of its brands Maisto and Bburago. Both brands are longtime players in the model car market, but it's the Bburago part of the deal that's particularly interesting. Founded in Italy, Bburago made a name for itself largely due to the scale Ferrari models it made back in the day. But when the Prancing Horse marque awarded the exclusive contract to Mattel, and with increasing competition from the Far East, Bburago collapsed. May Cheong swept in and scooped it up, and now the Italian model brand, along with its onetime rival Maisto, will be producing diecast Ferraris once again. Whether Bburago will use any of its old tooling to resume production of Ferrari scale models or start from scratch with all-new equipment remains to be seen, as does the matter of whether either it or Maisto will be able to produce the same quality of models as Hot Wheels has with some of its higher-end offerings. Like most collectors, this writer's looking forward to finding out. Looks like it's time to buy another display case.

Even Ferrari swept up in latest Takata recall expansion

The scope of Takata's deadly airbag problems continues to widen. Eight manufacturers announced recalls Friday that affect more than 12 million vehicles, according to documents filed with federal regulators. The automakers include Honda, which is recalling 4.5 million units, Fiat Chrysler with 4.3 million, Toyota with 1.65 million, and Subaru, which is recalling almost 400,000. Some of these cars include the Saab 9-2x and Pontiac Vibe that Toyota and Subaru made for General Motors. Mazda will recall 730,000 vehicles and Nissan has 400,000 affected units. The smallest numbers were posted by Mitsubishi, with 38,000 Lancers manufactured from 2006 to 2007, and as a noteworthy high-end manufacturer, Ferrari is calling back 2,800 vehicles. These are all US-market cars. Beyond America, the Japanese Transport Ministry has announced seven million additional vehicles will be recalled, which means 19.6 million vehicles across the globe are affected by recalls announced. The defects have been traced to an insufficiently manufactured airbag inflator, which lacks a drying agent that would prevent the inflators from deteriorating over time. Thirteen deaths have been linked to the faulty airbags, which have become unstable and are prone to exploding and showering vehicle occupants with lethal amounts of metal shrapnel. A private equity firm, KKR & Co., has been named in a possible buyout of the struggling Takata. Related Video: News Source: ReutersImage Credit: Shutterstock Government/Legal Recalls Ferrari Honda Mazda Automakers Mitsubishi Nissan Pontiac Subaru Toyota Saab Safety

Ferrari CEO Amedeo Felisa reportedly stepping down [UPDATE]

Update: In a statement to Autoblog, Ferrari USA predictably responded: "We do not comment on rumors. There is no announcement at this time." Rumors are currently swirling in the European media that Ferrari CEO Amedeo Felisa (pictured above) is stepping down from his position at the Prancing Horse. An exact timeframe isn't clear at this time. Motori Online from Italy indicates Felisa might not leave the company until September, whereas Autocar reports that he has already resigned from the Italian automaker. Autoblog has reached out to Ferrari for clarification, but the Maranello-based firm has not yet officially confirmed any of this speculation. Felisa has been the company's CEO since 2008 when Jean Todt stepped down. He joined Ferrari in 1990 as the director of product development and became general manager there in 2006. Felisa was also among people thought possible to take the role as chairman when Luca di Montezemolo left the Prancing Horse last year. Sergio Marchionne retained that role. If these rumors prove true, Felisa's departure would be the biggest corporate shakeup at Maranello since di Montezemolo's departure. The move would also come at a time that's not particularly pleasant for Ferrari or its corporate parent. Marchionne recently indicated that the Prancing Horse was just days away from filing the prospectus for its imminent initial public offering. The Fiat Chrysler Automobiles executive had previously put Ferrari's value at around $11 billion. So far, all we have are rumors and reports, but as soon as we know more, so will you. Stay tuned.