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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

Ferrari 488 GTE and GT3 unveiled at Mugello

Ferrari is preparing its latest assault on sports car racing with new racing versions of the 488 GTB. Presented over the weekend at Mugello, the lineup includes both GTE and GT3 racers to replace the current models that were based on the 458 Italia. Though little in the way of details were revealed at the vehicles' presentation, the principal change they present over the accomplished versions they replace are their new turbocharged engines. The 3.9-liter twin-turbo V8 replaced the 4.5-liter atmospheric V8 in the road-going version, and is now carried over to the race track as well. Output will, of course, be catered to the regulations pertaining to both classes. Not to be confused with the Volkswagen's hybrid lineup, GTE is the category that replaced the previous GT2 class, and with it absorbed the defunct GT1 class, as well. It's run principally at Le Mans and its associated championships, and the outgoing Ferrari 458 Italia GT2 has proven a force to be reckoned with. That car took top honors in its class every year since the inception of the FIA World Endurance Championship, and won its class twice at Le Mans. Its turbo successor will have quite a challenge in keeping up that legacy. The GT3 class, meanwhile, is a step below, running in the Blancpain Endurance Series, Pirelli World Challenge, and the like. Here the teams running Ferrari equipment could use some extra help, and the new 488 GT3 aims to deliver that competitive edge to get ahead of rivals. Those include GT3 racing versions of the Aston Martin V12 Vantage, Audi R8, Bentley Continental GT, Lamborghini Huracan, McLaren 650S, Mercedes-AMG GT, Nissan GT-R, and Porsche 911 (to name just a handful). Ferrari presented the pair at its end-of-year Finali Mondiali event, which wraps up the various regional Ferrari Challenge series run around the world. This year's was held this weekend at the Mugello circuit in Italy. Last year's was in Abu Dhabi where the FXX K was revealed. The previous year's was also held at Mugello, where the current 458 Challenge Evoluzione was presented. The 2016 event is scheduled to be held in North America for the first time at Daytona the weekend of December 1-4, 2016. With the GTB, Spider, GTE, and GT3 variants now presented, the next step in the fleshing out of the 488 lineup will be to present the new Challenge racer for the company's own spec racing series.

Barrett-Jackson 2014: Michael Schumacher's 1998 Ferrari F300 earns round of applause, $1.7M bid [w/video]

There isn't much in the world that can aurally match the screeching wail of a Formula 1 car at redline. We obviously can't say whether or not the showmanship of starting this 1998 Ferrari F300 in front of the assembled masses at Barrett-Jackson and slowly taking it up to its 18,000-rpm redline had any effect on bidders, but it did, at the very least, result in a round of applause.
This '98 Ferrari F300 was driven 38 times by Michael Schumacher, and there was another round of applause for the driver, who's currently in a medically induced coma and listed in stable condition after a skiing accident. This particular example is number three of nine total built for the '98 season. Power comes from a 3.0-liter V10 engine producing 805 horsepower at 17,500 rpm.
After it was all said and done, bidding ended at $1.7 million (plus another 10 percent in fees). Check out our live images from the auction floor above, and scroll down below for a spine-tinglingly loud auction video and to read its official description.