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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.

Ferrari California T has a turbo V8 lurking under new nose [w/video]

The Ferrari California might technically be the Prancing Horse's entry-level model, but there is nothing basic about the latest upgrade for the California T. Showing its face to the public for the first time at the Geneva Motor Show, it is now propelled by a 3.9-liter, turbocharged V8 with 560 horsepower and 557 pound-feet of torque, which equates to an extra 70 hp and a 49 percent increase in torque over the previous engine.
The forced induction mill is enough to accelerate it to 62 miles per hour in 3.6 seconds. Also not that many Ferrari buyers are going to care, but the switch also means a 15 percent improvement in fuel economy. Oh, and based on the video preview below, it sounds pretty good, too.
While the new engine is certainly the headline grabber, there are other upgrades as well: a top that closes in 14 seconds, new steering box, improved magnetic dampers and an upgraded traction control system. Pininfarina also reshaped the nose to make it more look like Ferraris of the 1960s. This is seems to be the best looking and performing California yet.

Scuderia Ferrari F138 unveiled in Maranello

This is the F138, the Formula One challenger that Ferrari CEO Luca de Montezemolo describes as "hopeful" and the eighth and final version of a Scuderia Ferrari Formula One car with a V8 engine - for now. The last digit in this car's name pays homage to that cylinder count, while the first two digits represent the year; next year the regulations will mandate 1.6-liter turbocharged V6s.
The Scuderia did well in pre-season testing last year but at the first race found itself almost two seconds down on the other top teams. With no significant changes to the regulations for 2013, Ferrari focused on weight loss, making components smaller and making the package more rigid, refining every aspect of a car that's essentially an evolution of last year's F2012. The front suspension has been redesigned for aero benefit, and the rear suspension is completely new. The front and rear wings are evolutions, and there's a new air intake design above the cockpit and redesigned intakes on the sidepods. The rear bodywork forms a much narrower package around the redesigned exhaust system, and the KERS is smaller and lighter.
Getting a jump on the 2014 car that will be a clean-sheet design under the new technical regime, Ferrari has integrated the spec TAG 320 electronic controller unit to this year's car. Forbidden from raising the power performance of the engine, the F1 team has worked on maintaining that performance over the three-race life of the engine. And yes, that's a vanity panel over the stepped nose in front.