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Ferrari worth over $11 billion, says Marchionne ahead of IPO

We all know that cars from Ferrari sell for hundreds of thousands, if not millions of dollars. But how much is Ferrari worth as a company? At least ten billion, according to its chairman. Speaking at the launch of the revised Fiat 500 in Turin on Friday, Fiat Chrysler CEO and Ferrari chairman Sergio Marchionne said he expected the vaunted Maranello-based supercar manufacturer and racing team to be valued at over 10 billion euros, or about $11 billion at current exchange rates. As Bloomberg points out, that would make Ferrari alone account for some 60 percent of the value of its parent company Fiat Chrysler Automobiles, which is currently valued at over 16 billion euros. That may seem like an aggressive estimate, but we won't have to take Marchionne at his word for long. After having floated an Initial Public Offering on the New York Stock Exchange last year, Fiat Chrysler is preparing to do the same with its Ferrari unit as soon as October. FCA will not, of course, be selling off all of its shares. The projected scheme would have ten percent (worth about one billion by Marchionne's estimates) of Ferrari's shares floated on the NYSE. Another 10 percent is expected to remain in the hands of founder Enzo's son (and company vice chairman) Piero Ferrari's hands. The remaining 80 percent is slated to be distributed among Fiat Chrysler's existing stakeholders.

Ferrari recalls 2016 California T

The Basics: Ferrari North America is recalling 304 units of the 2016 California T manufactured from September 8, 2015, to November 11, 2015. The Problem: The affected convertibles have a low pressure fuel line that may not connect properly to the fuel pump feed pipe because of an improper coating on the fuel pipe. A bad connection can lead to a fuel leak in the engine bay, increasing the risk of a fire. Injuries/Deaths: None reported. The Fix: Dealers will replace the low pressure fuel line assembly free of charge. If You Own One: The recall began on December 14, 2015 so you can contact your Ferrari dealership immediately for repair, or call Ferrari customer service at 1-201-816-2600. Related Video: Report Receipt Date: DEC 01, 2015NHTSA Campaign Number: 15V811000Component(s): FUEL SYSTEM, GASOLINEManufacturer: Ferrari North America, Inc.SUMMARY: Ferrari North America, Inc. (FNA) is recalling certain model year 2016 California T vehicles manufactured September 8, 2015, to November 11, 2015. The affected vehicles have a low pressure fuel line that may not connect properly to the fuel pump feed pipe.CONSEQUENCE: The improper low pressure fuel line connection can result in a fuel leak in the engine compartment which may increase the risk of a fire.REMEDY: FNA has notified owners, and dealers will replace the low pressure fuel line assembly, free of charge. The recall began on December 14, 2015. Owners may contact Ferrari customer service at 1-201-816-2600.NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 FREE (TTY 1-800-424-9153 FREE), or go to www.safercar.gov.

Photographer streaks Ferrari California T in glow-in-the-dark paint

Swiss photographer Fabian Oefner is known for splashing paint and deconstructing cars to create beautiful and unique images. Like Ferrari, Oefner combines art, design and science in his creations. So he was a natural choice when the automaker began looking for a unique way to introduce the2015 Ferrari California T to the world. After taking the California T for a test drive, Oefner wanted to convey the feeling of the swift 553-horsepower vehicle, according to PetaPixel. Oefner scaled up his past experiments with color and blasted $190,000 the sports car with gallons of UV activated paint. By doing it in a wind tunnel with nothing but UV lights blazing down on the car, he hoped to capture the quickness of the California T while the car itself remained motionless. The resulting video is astonishing. The Ferrari looks as if it's being pulled out of the darkness by brilliant rivers of glowing color. The video, entitled 'The Art of Form', is a beautiful way to highlight the new design of this classic nameplate. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. A Look Inside the Art of Form from Ferrari USA on Vimeo. News Source: PetaPixel Weird Car News Ferrari California