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Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

Driver, track worker survive horrific Ferrari 458 crash at Suzuka

Two people are lucky to be alive after a brutal crash during a recent Ferrari 458 Challenge event in Japan. Driver Shigeru Terajima lost control of his machine on the Suzuka Circuit start/finish straight, left the course at nearly 200 miles per hour and struck the inside wall where a corner worker was standing and monitoring the race. The 458 immediately disintegrated, sending bits of carbon fiber bodywork, suspension components, wheels and tires scattering into the infield and across the race course. The passenger cell spun through the air before coming to a stop on its roof.
Miraculously, both Terajima and the corner worker survived the incident. While the driver was transported to a local hospital in serious condition, he's expected to make a full recovery. The track worker, meanwhile, saw the incident coming and dove out of harm's way at the last possible moment, saving him from the brunt of the impact. You can watch an observer's frightening footage of the Ferrari crash by scrolling below.

2018 Ferrari Portofino First Drive Review | Forget all about the California

It's about 9,500 miles between the Golden State and a swanky former fishing village on the Italian Riviera known as Portofino, where pastel-painted cottages mix it with celebs and super yachts. For Ferrari, however, it's a gap of 10 years between the launch of the California, its first front-engined V8 sports car and this, the Mk. II version, the Ferrari Portofino. "California is such an iconic name," says Nicola Boari, head of Ferrari product marketing. "Trying to stay close wasn't a good thing. Portofino is discreet, it's not as splashy as Monte Carlo." The California was aimed at a new breed of Ferrari customer: younger, with a family, women. In one sense it's done that job well, in another it's failed. Boari admits with a shrug that not many women have actually bought a California, but for a car launched just as Lehmann Brothers was gasping its last, the car has attracted a new sort of customer just the same and attracted 35 percent of Ferrari's total sales. Last year, that numbered 8,398 vehicles. "Same sex, but a different type of customer," says Boari, adding that California customers use their cars 150-percent more than typical Ferrari sports car owners, tend to use their cars every day and 30 percent of them even use the tiny rear seats. "We had to learn new things," he admits. A lot of those "new things" have been crammed into this car, which goes on sale this August in the United States priced at $229,551. The basic premise remains the same: a 3.8-liter, twin-turbo V8 driving the rear wheels via a seven-speed, dual-clutch transmission and an electronically controlled limited-slip differential in a rear-mounted transaxle. That's 592 horsepower at 7,500 rpm and 560 pound-feet of torque at 3,000 rpm. The torque "curve" continues on from there with a profile resembling a pool table. It's good for 199 mph, 0-62 mph in 3.5 seconds, 0-124 mph in 10.8 seconds and gas mileage in the European test cycle of 31.7 mpg - this is no ordinary family vehicle. The 2+2 Pinifarina-designed aluminium body has been completely redesigned, but retains the same basic dimensions as the outgoing California. Dealers reported that the size was just about right, so the Portofino has grown by only 0.62 inch in length and 1.1 inches in width. It's lighter by 176.4 pounds, thanks mainly to a lighter body construction and interior, and stiffer thanks to more integral parts and aluminum pans under the floors.