Ferrari to recall more than 2,200 cars in China over brake risk

Italian luxury carmaker Ferrari has issued a recall plan with Chinese regulators over potential brake problems in its vehicles, an official notice said Friday.

The recall affects 2,222 vehicles over a brake fluid issue, said a notice by China's State Administration for Market Regulation (SAMR).

This figure is almost the total number of cars Ferrari sold in mainland China, Hong Kong and Taiwan over the past three years, based on the company's annual report.

"Vehicles covered by this recall... could see a higher risk of brake fluid leakage, resulting in reduced braking performance or brake failure, posing a safety hazard," SAMR said.

The recall covers a portion of imported 458 Italia, 458 Speciale, 458 Speciale A, 458 Spider, 488 GTB and 488 Spider series cars that were made between March 2, 2010 and March 12, 2019, the regulator said Friday.

It added that these vehicles should be driven with caution, and should be stopped immediately if a low brake fluid level warning light appears.

Ferrari will replace the problematic car parts free of charge for the cars covered by the recall, the notice said.

The recall starts on May 30.

The state market regulator this month also announced US electric car giant Tesla's recall of nearly 128,000 vehicles in China over a fault that could raise the risk of vehicle collision.

Agence France-Presse

Supercars and champagne: Bangkok's rich purr through pandemic

BANGKOK - As the coronavirus brought the global economy to its knees, Thai businessman Yod decided to buy himself an $872,000 treat -- a lime-green Lamborghini.

Yod picked up the customised Huracan EVO supercar in Bangkok, a city of billionaires with a luxury economy unbroken by the crisis ripping through Thailand's wider economy.

With tourism and exports in freefall, Thailand's growth could shrivel by as much as 10 percent this year, dumping millions into unemployment.

But in a split-screen economy, there are plenty with immunity to the economic scourge caused by COVID-19.

Thailand is home to the ninth most billionaires anywhere, according to the China-based Hurun Report's Global Rich List 2020.

Among those with deep pockets is Yod -- full name Thanakorn Mahanontharit -- who was undeterred by Thailand's "crazy" supercar import taxes of up to 80 percent when he made his March purchase.

"This car makes me feel like David Beckham," the genial Bangkok-based petro-chemicals businessman told AFP.

"When you open your door everyone looks at you like you're a superstar."

Ferrari, Rolls-Royce and Lamborghini have all launched top-end models in Bangkok over the pandemic period, cars with price tags of between $750,000 and $1.2 million.

It is a bet on the wealth sloshing around Bangkok.

Millions of dollars of that cash were on proud display in the capital last week as an eye-catching 40-car convoy from the Thailand Lamborghini Club cut through the city's knotted traffic for a day trip to a nearby resort.

Lamborghinis "appeal to a very niche audience of high net-worth individuals", said Matteo Ortenzi, chief executive for Automobili Lamborghini in the Asia-Pacific region.

There has been "continued interest and demand (from Thailand), one of our most important markets in Southeast Asia," he added.

Yod said his supercar purchase was the completion of a lifelong dream.

"It is a reflection of your success, it doesn't mean I am better than you," he told AFP.

"It's just that I work hard and play harder."

ECONOMY IN REVERSE GEAR

But most Thais are in a different game.

The kingdom is one of Asia's least equal countries.

Thailand is headed by a super-rich monarchy and buttressed by a handful of family dynasties with monopolies covering everything from beer and duty-free to convenience stores.

Their fortunes have surged under six years of military-aligned government which has parcelled out major contracts to them, while the wider economy has backslid.

"One percent of the population owns pretty much two-thirds of the country," said Thitinan Pongsudhirak, a political analyst from Bangkok's Chulalongkorn University, warning that inequality is kindling a political crisis.

Meanwhile many more are sinking.

Farmers are reeling as demand struggles to return to pre-virus levels and remittances from migrants to the cities are drying up, while the urban middle class are facing a cash crunch playing out in unpaid loans and school fees.

As a result, household debt is forecast to surge to 88-90 percent of GDP by the end of this year, according to a Kasikornbank research note.

Government figures predict the pandemic could leave 8.4 million jobless, over a quarter of them employed in the cash-cow tourism sector.

That would eviscerate the gains of the last two decades, which saw millions lifted from poverty by Thailand's export, manufacturing and tourism boom.

Even before the pandemic hit, the number of people living in poverty had risen by nearly two million to 6.7 million, according to a March report by the World Bank.

Now, as the pandemic strips back the economy, the middle and working classes "are not well-cushioned," said Pavida Pananond, an academic at the Thammasat Business School.

Yet the rich enjoy a level of "financial immunity" from the crisis.

YACHTS AND CHAMPAGNE

Signs of the resilience of wealth are dotted across Bangkok.

Houses worth between $1-5 million are selling well, according to real estate agency CBRE Thailand, while condos at the super-plush Mandarin Oriental are being snapped up despite the $14,200-a-square-metre price tag -- pricier than the swankiest west London postcodes.

A trawl through the Instagram accounts of Thailand's 'Hi-So' (High Society) set also reveals a glamour scene unruffled by the new normal -- yoga sessions on pristine beaches, yacht parties and champagne receptions.

"They've got the money and they can spend it any time," says Naphalai Areesorn, editor-in-chief of fashion and society magazine Tatler Thailand.

The allure of being "Hi-So" runs through Thai society, she said, explaining that money -- especially the show of having it -- is a shortcut into Thailand's elite, which was once defined by having the right "breeding" and education. 

"There's still very much a class system here... maybe it comes from a feudalistic history," she said.

Entering High Society -- and staying there --- is very much "an aspiration" for many in Bangkok "whether you can afford it or not".

Agence France-Presse

Swiss to auction 25 super cars seized from E. Guinea leader's son

CHÉSEREX, Switzerland - A collection of luxury cars seized from Equatorial Guinea's vice president Teodorin Obiang Nguema will be auctioned off in Switzerland on Sunday and are estimated to bring in 18.5 million Swiss francs ($18.7 million).

"This is an exceptional sale," Philip Kantor, of British auctioneers Bonhams, told AFP. "It's a private collection of supercars, with very low mileage.

Among the cars, to go under the hammer at a Geneva golf club, are seven Ferraris, three Lamborghinis, five Bentleys, a Maserati and a McLaren. 

The most expensive lots are a Lamborghini Veneno Roadster, valued at between 4.8 million and 5.7 million euros ($5.2-6.2 million) and yellow Ferrari hybrid at 2.4-2.6 million euros.

The cars were all confiscated by Swiss justice after the opening in 2016 of a financial wrongdoing case against Obiang, son and likely heir of Equatorial Guinea's authoritarian President Teodoro Obiang Nguema who has ruled for 40 years.

All will be sold with no reserve price. 

In February Swiss prosecutors said they were dropping charges of financial wrongdoing against Teodorin Obiang Nguema but were confiscating the luxury cars as part of the case.

Under the Swiss penal code, prosecutors can choose to drop charges in this category if defendants offer compensation "and restore a situation that is in conformity with the law." 

Playboy reputation 

Equatorial Guinea has also agreed to give Geneva 1.3 million Swiss francs to cover the costs of the case.

Vice president with responsibility for defense and security, Teodorin Obiang has a reputation for a playboy lifestyle.

In October 2017, a Paris court handed him a three-year suspended jail term after convicting Obiang of siphoning off public money to buy assets in France.

He was accused of spending more than 1,000 times his official annual salary on a six-story mansion in a posh part of the French capital, a fleet of fast cars and artworks, among other assets.

He was also given a suspended fine of 30 million euros.

In September, Brazilian media said that more than $16 million in cash and luxury watches were seized by Brazilian police and customs officers from the luggage of a delegation accompanying Obiang on a private visit.

Brazilian daily O Estado de Sao Paulo quoted a diplomatic source from Equatorial Guinea as saying the money was to pay for medical treatment Obiang was to undergo in Sao Paulo. 

The watches were for the "personal use" of the president's son and were engraved with his initials, the report said.

Obiang is reputedly on a fast track to succeed his father.

Last October, he was promoted from colonel directly to division general, without passing through the normal intermediary rank of brigade general.

The following month, he presided over a cabinet meeting for the first time.

The tiny West African nation is one of the continent's top petroleum producers and has a population of just 1.2 million.

The country is regularly cited by NGOs as one of the most corrupt in the world.

source: news.abs-cbn.com

Ferrari quietly revs up for mostly hybrid cars by 2022

MARANELLO, Italy - Most of the cars made by Ferrari will be hybrid petrol-electric by 2022, the Italian sports car manufacturer said on Tuesday, including its first SUV.

"By 2022, nearly 60 percent of the models we produce will be built around hybrid powertrains," new CEO Louis Camilleri said at the company's Maranello headquarters.

The company known for its low-slung aerodynamic sports cars will also launch its first SUV -- Purosangue -- after the end of the current business plan in 2022.

Gas-guzzling Ferraris are faced with more and more anti-emission regulations around the world, as well as increasingly environmentally-aware would-be owners.

The company will increasingly make hybrid cars "as the years unfold to meet specific regulatory requirements but also to satisfy customer desires for significantly improved emissions while retaining the driving emotions that render Ferraris simply unique," he said.

Ferrari has been making the limited-edition hybrid LaFerrari for several years, which it has described as offering the most extreme performance ever achieved by one of its production cars.

Ferrari stock tumbled 8 percent in August as investors wondered if the company could stay on track for its profit targets after the death of historic boss Sergio Marchionne.

Announcing the SUV, former Philip Morris boss Camilleri said he initially abhorred the idea.

"It just does not sit well with our brand and all that it represents," he admitted, but insisted that the new design will "redefine expectations".

It will be "elegant, powerful, versatile, comfortable, spacious... in all respects worthy of the Ferrari badge," he said.

Marchionne had announced a Sport Utility Vehicle in January, a four-wheel-drive urban luxury car for the end of 2019 or early 2020.

He insisted on calling the new vehicle a "Ferrari Utility Vehicle" or FUV.

Ferrari faces the challenge of increasing profits while not ramping up production, which could decrease the brand's exclusive allure.

The company will launch 15 new models by 2022, Chief Marketing Officer Enrico Galliera announced, with a "significant" increase in the average price.

source: news.abs-cbn.com

Vettel wins tense Bahrain Grand Prix for Ferrari

MANAMA - Ferrari's Sebastian Vettel held on by the skin of his teeth to win a tense Bahrain Formula One Grand Prix in his 200th race start on Sunday.

His tyres fading, the championship leader took the chequered flag only 0.6 seconds clear of Mercedes’ Valtteri Bottas who piled the pressure on in the final 10 laps.

Bottas's team mate and reigning world champion Lewis Hamilton, who had started ninth after a five place grid penalty for an unscheduled gearbox change, finished third.

Vettel now leads Hamilton by 17 points after two of the 21 races.

The win under the floodlights was the 49th of Vettel's grand prix career and an unprecedented fourth at the Sakhir desert circuit.

It also made the 30-year-old, who won in Melbourne two weeks ago, the first Ferrari driver since compatriot Michael Schumacher in 2004 to win the first two races of a season.

"These tyres were done, done, in the last 10 laps," a jubilant Vettel told his team over the radio after crossing the line.

He had earlier told his team that everything was under control but that, he recognised later with a smile, was not at all the reality.

"With Bottas' pace I thought he would catch me. I tried to keep it as clean as possible. Our plan worked but just, Bottas had a bit of a sniff but ran out of laps," said the four times champion.

INJURED MECHANIC

Vettel had led from pole position, with Bottas slotting into second place at the start from third on the grid, but ended up having to battle the Mercedes pair alone.

Mercedes’ decision to go for the more durable medium tyres and a one-stop strategy, compared to Ferrari’s move to bolt on softer rubber in anticipation of a two-stop race, brought the evening alive.

Drama in the pits, when team mate Kimi Raikkonen was brought in to test the strategy, decided Ferrari in favour of keeping Vettel out.

Raikkonen was given the green light to exit before his left rear tyre had been changed, with the Finn's car then hitting a mechanic who was taken to hospital with a suspected broken leg while the driver retired.

Hamilton could take some consolation in equalling Raikkonen's all-time record of 27 successive points finishes.

"I started ninth so third is not bad at all," said the Briton. "It's damage limitation."

Both of the Red Bull drivers Max Verstappen and Daniel Ricciardo retired within the first five laps.

Verstappen suffered a rear-left puncture after making contact with Hamilton as he tried to pass the Briton, and limped back to the pits.

"Going into the corner I was ahead and then of course you always try to squeeze each other a bit," said the 20-year-old.

"But I think there was still enough space on the left. He drove into my left rear and gave me a puncture and also destroyed the diff."

GASLY FOURTH

The energy drink company's other team Toro Rosso celebrated a remarkable day, however, with fourth place for French driver Pierre Gasly.

That represented a stunning turnaround for Honda, Toro Rosso's engine partners after three nightmare years at McLaren.

Danish driver Kevin Magnussen was fifth in the Haas ahead of Nico Hulkenberg for Renault.

Fernando Alonso and Stoffel Vandoorne gave McLaren, now with Renault engines, a second successive double points finish in seventh and eighth respectively to lift the team to third overall. But they finished a lap down.

There were also celebrations at Sauber, with Sweden's Marcus Ericsson finishing ninth for his first points since 2015 and the Swiss team's first of the season, but gloom at Williams whose drivers finished last.

The former champions are now the only team yet to score points this season after Force India's Esteban Ocon secured 10th place.

(Editing by Alan Baldwin/Pritha Sarkar)

source: news.abs-cbn.com

Vettel wins Brazilian GP, Hamilton fourth from pits

SÃO PAULO, Brazil -- Sebastian Vettel bounced back from his world championship disappointment in fine style on Sunday when he won a sunlit Brazilian Grand Prix for Ferrari.

The four-time champion took the lead at the start and, apart from a period after his pit-stop, controlled an incident-packed race to finish 2.8 seconds ahead of pole-sitter Valtteri Bottas of Mercedes.

Kimi Raikkonen, the 2007 champion, resisted late challenges from newly-crowned four-time champion Lewis Hamilton to hang on to third ahead of the second Mercedes driver, who had started the race from the pit lane.

Dutchman Max Verstappen came home fifth ahead of his Red Bull team-mate Australian Daniel Ricciardo and retirement-bound local hero Felipe Massa, a rousing seventh for Williams in his final home city race.

The Brazilian emerged triumphant in his own private scrap to the line with two-time champion Fernando Alonso of McLaren Honda, who finished eighth.

Sergio Perez finished ninth for Force India and Nico Hulkenberg 10th for Renault.

It was Vettel’s first win in eight outings since the Hungarian Grand Prix in July and his fifth of the season. It was also Ferrari’s first win in Brazil since 2008.

“It’s been a tough couple of weeks for us, but it’s nice to get both cars on the podium here,” said Vettel.

“I had a good getaway and then I had wheelspin, so I thought I missed my chance but I think Valtteri had the same so I surprised him.

“I wanted to pull out a gap and then to control the race from there and it worked out.”

Bottas admitted: “My goal was to win so it was very disappointing. We lost it in the start. After that it was very close. I tried to put some pressure on Sebastian, but it didn’t happen. Lewis did a great comeback to score points.”

- Massa farewell -

Raikkonen admitted: “Lewis got close to me at the end, but it’s impossible to overtake here if you have close speed between the cars.”

Massa gave the home crowd something to cheer about as the Williams driver heads to retirement.

He won the race at Interlagos in 2008 when he was pipped to the title by Hamilton.

“I feel so emotional today,” admitted Massa. “All you guys, thank you very much for everything that we passed together and for all the support and energy.”

On a hot blue-skied day, with a track temperature of 60 degrees Celsius, the key action took place on the first lap when, following a multiple collision at the first corner, the Safety Car was deployed.

This incident saw Ricciardo spin on a kerb, hit luckless Belgian Stoffel Vandoorne’s McLaren and, in turn, Dane Kevin Kevin Magnussen’s Haas.

 The latter two were forced to retire as, in a separate incident, Frenchman Romain Grosjean lost control of his Haas and slid into compatriot Esteban Ocon’s Force India, taking the pair of them off into a gravel trap.

It was the first retirement of Ocon’s career after 27 races and Grosjean was handed a 10-seconds penalty.

In the chaos that ensued, Hamilton took advantage and rose to 14th before the Safety Car pulled off and racing resumed.

The world champion, who had clinched his fourth title two weeks earlier in Mexico, made the most of his rebuilt car, powered by a new engine, following his crash in qualifying on Saturday.

While Vettel pulled clear by 1.9 seconds ahead of Bottas, it was Hamilton setting the fastest laps as he sliced through the field. By lap 21, of the 71, following an immaculate demonstration of speed and passing moves, he was up to fifth before settling for fourth place.

“It was fun,” said Hamilton. “Just like my karting days when I started from the back. But I messed up yesterday and I know I was quick enough to win from pole to flag, but I made the job a lot harder.

“When I woke up this morning my goal was to do the team proud and score points. I tried, but ran out of tyres at the end.”

source: news.abs-cbn.com

Singapore 'vending machine' dispenses Ferraris, Lamborghinis

SINGAPORE - Forget about soft drinks and potato chips - a "vending machine" in Singapore is offering up luxury vehicles, including Bentleys, Ferraris and Lamborghinis.

Used car seller Autobahn Motors opened a futuristic 15-storey showroom in December, with vehicles on display in 60 slots, billing it as the "world's largest luxury car vending machine".

Customers on the ground floor choose from a touchscreen display which car they wish to see. The car arrives within one to two minutes thanks to an advanced system that manages vehicle retrieval, the company says.

Gary Hong, general manager at Autobahn Motors, said the vending machine format was aimed at making efficient use of space in land-scarce Singapore as well as standing out from the competition.

"We needed to meet our requirement of storing a lot of cars. At the same time, we wanted to be creative and innovative," he told Reuters.

He has been approached by developers interested in using the company's Automotive Inventory Management System for parking services, he added.

Vehicles on offer run from modern luxury sports cars to classics, including a 1955 Morgan Plus 4.

U.S. company Carvana also uses vending machine-like towers to sell used cars. In March, it opened an eight-floor structure that holds up to 30 cars in San Antonio, Texas.

(Reporting by Chris Gallagher; Editing by Clarence Fernandez)

source: news.abs-cbn.com

Vettel wins for Bianchi and Ferrari on emotionally-charged day

BUDAPEST, Hungary -- German driver Sebastian Vettel delivered an emotional high-speed tribute to his late colleague Jules Bianchi on Sunday when he stormed to victory for Ferrari in a dramatic and incident-filled Hungarian Grand Prix.

The four-time world champion claimed his second victory of the season and 41st of his career -- drawing him level with the late Brazilian legend Ayrton Senna in equal third on the all-time list -- after leading from the start to dominate a thrilling and unpredictable contest.

The Red Bull pair of Russian Daniil Kvyat and Australian Daniel Ricciardo finished in second and third respectively.

The ferocity of the contest, lit up by Vettel’s blazing speed and tenacity, served as an appropriate tribute to Frenchman Bianchi, who died on July 17 from injuries sustained when he collided with a recovery vehicle in torrential rain at last October’s Japanese Grand Prix.

A minute’s silence for Bianchi, a Ferrari academy protégé, before the race created an emotional atmosphere that was reflected in the action and in Vettel’s speech to the Ferrari team on his triumphant slow-down lap.

"Merci Jules, c’est a toi," said the winner. “Thank you Jules, You will always be in our hearts This win is for you."

It was Vettel’s first victory in Hungary, and 21-year-old Kvyat’s first career podium – the best ever by a Russian driver -- as Red Bull produced a reminder of their pedigree. It was the first podium this year without a Mercedes driver.

"Yes, an incredible day, but this victory is for Jules," said Vettel, mindful the Frenchman’s family were in attendance.

"It has been an incredibly tough week for all of us and, for all the people at Ferrari, who know that, sooner or later, he would have been part of our team."

Kvyat said he owed his podium to his own determination.

"After Turn One, I thought my race might be over because I had a massive flat-spot, but my team told me to keep pushing and today I learned what it means to never give up," said Kvyat.

Ricciardo said: "It was a crazy race. I had a contact at the restart with Lewis and thought my race might be over. I had contact with Nico and thought my race was over

"I left it all on the track today. I gave it everything and I owe my race to Jules. I gained extra strength today and I owe that to him."

Dutch teenager Jos Verstappen finished fourth for Toro Rosso -- on a track where his father Jos finished on the podium in 1994 -- ahead of two-time champion Spaniard Fernando Alonso who delivered the troubled McLaren Honda team’s best result of the year in fifth place.

Series leader and defending two-time champion Briton Lewis Hamilton finished sixth, after starting from pole position, for Mercedes to enlarge his advantage in the title race after an afternoon of incidents, mishaps and penalties.

Inspired, perhaps, by the team’s call for total commitment to racing in a signal of respect for Bianchi, Vettel surged from third on the grid to pass Rosberg into Turn One.

Behind him, team-mate Kimi Raikkonen followed closely as both Rosberg and Hamilton attempted to defend, but just as at Silverstone three weeks previously, the two Mercedes men were out-started comprehensively.

Hamilton was relegated to fourth on the opening lap during which, in an attempt to pass Rosberg, he ran wide across a gravel trap at the chicane.

He returned to the track in a spray of stones, re-joining in 10th place. "Nico crossed my line there, he pushed me wide," said Hamilton, a claim not supported by video replays.

After closing the gap behind Rosberg to five seconds, Hamilton lost time in traffic while Raikkonen, suffering more bad luck, lost power and slowed before Hulkenberg, after losing the front wing on his Force India car in a frightening incident on the straight, crashed directly into the barriers at Turn One.

A virtual safety car was deployed immediately followed by the Safety Car as debris was cleared. As the field closed up, both Rosberg and Hamilton pitted for harder medium tyres for a final rush to the flag.

More drama erupted at the re-start on lap 49. Sensing his chance, Rosberg attacked and passed Raikkonen for second while Hamilton, on harder tyres, struggled against Ricciardo and collided with him at Turn One, the Briton losing a front wing end-plate.

It was his final significant act. He pitted on lap 52 for a new front wing, re-joined 13th and was then given a drive-through penalty for his part in the incident.

Hamilton was admirably frank about his performance.

"I was all over the place," said Hamilton, who had been fastest in every session on Friday and Saturday.

"I don't have any words to explain what happened today. It was a really bad performance from myself.

"I pushed and never gave up, but when I had two different choices I chose the wrong one very time. It was weird

"Do I deserve any points? I didn't give up and drove as hard as I could.

"To come away from one of the worst performances I've put in in a long, long time... it shows we are human."

source: www.abs-cbnnews.com

Kobe Bryant LAW VIOLATOR in $329K Ferrari

Kobe Bryant can afford a $300k Ferrari ... but for some reason, the NBA star hasn't sprung for a hands-free device for his cell phone.

Bryant was cruising down the 405 Freeway yesterday ... steering through traffic while yakking away on his hand-held cell phone ... a major no-no in the state of California.

In fact, Kobe's lucky he wasn't spotted by the CHP -- 'cause a talking-while-driving ticket usually runs around $159 for the first offense ... and $279 for subsequent violations.

We're sure he can afford the ticket ... but you can't put a price on safety.

source: tmz.com

Italy mourns Ferrari design genius Pininfarina

ROME/MILAN - The Italian godfather of car design, Sergio Pininfarina, renowned for crafting sleek Ferrari race cars and revolutionizing the common auto, died in Italy's motoring capital Turin on Tuesday aged 85.

Born in 1926 near Turin in the industrial north of the country, Pininfarina worked with top carmakers during his long career, designing the 1984 Ferrari Testarossa, the 1986 Fiat 124 Spider, the 2002 Ferrari Enzo, the 2003 Maserati Quattroporte, the 2004 Ferrari Scaglietti, Fiat Dino and Maserati GranTurismo, among others.

His death was mourned by many in the car and design industries.

"His genius brightened the history of the car," Fiat said on Twitter, while the head of Maserati, Harald Wester, said "Italy has lost one of its most prestigious world ambassadors, and Maserati has lost a great friend."

Pininfarina joined the family car design company after graduating with a degree in mechanical engineering from Turin's Polytechnic University, and quickly became involved in all aspects of the business, from designing the cars to engineering and manufacturing.

Determined to change the common perception of cars as merely functional, Sergio rose to stardom with beautifully sculptured and blood red Ferraris, from the 410 SA to the Dino Berlinetta Speciale, Ferrari F40 and Enzo Ferrari.

He also applied his talents to less exotic Peugeots, Volvos and Mitsubishis.

Pininfarina "led the Company with steady hand... following the tradition of elegance and style constantly renewed with the highest standards of innovation and harmonious beauty," his company said in a statement.

He had a passion for forward-looking technology, becoming an early supporter of reducing car emissions and increasing fuel economy. In 1972, he opened the first wind tunnel in Italy, one of the few in the world at the time.

Pininfarina was awarded dozens of honors throughout his illustrious career, including four university degrees in fine arts and industrial design.

In his half-a-century reign at the company, its automobile production rose from 524 units per year to more than 50,000.

He inherited his love of car design from his father, Gian Battista Farina, a onetime Turin carriage maker who founded the company in 1930 and built his reputation by sculpting eye-catching designs for many of the best known post-war sports cars.

The ground-breaking 1947 Cisalfa coupe, which his father designed after World War Two, now sits in New York's Museum of Modern Art. It was one of Sergio's favorite models.

Farina senior, who was the tenth of 11 children, named the company after his nickname "Pinin" -- which means "little one" in Piedmontese dialect.

The family's prestige in Italy was such that it was allowed to change its name to Pininfarina from the original Farina with a presidential decree in 1961.

He was famed for having met Henry Ford on a trip to the United States in 1920, where he turned down a job with the Ford Motor Company to return to Italy and create the Pininfarina empire.

He also initiated the Ferrari connection in 1952, but Sergio ended up managing most of their common projects and turned the business from craftsman level into a world renowned name.

In 1960, Farina senior appointed his son to the post of general manager. In 1961, Sergio became chief executive and in 1966 he took over chairmanship of the company after his father died.

Forty years later, Sergio in turn handed over management of the company to his son, Andrea, who died two years later when he was hit by a car.

By then, the company had already risen to prominence through a knack for making the latest aerodynamic design trends attractive to a broader public.

Besides the historic partnership with Ferrari, Alfa Romeo and Maserati (all owned by Fiat), Pininfarina also designed cars for Rolls-Royce and other non-Italian brands.

The 1963 Chevrolet Corvette Rondine, 1986 Cadillac Allante, the 1995 Bentley Azure and the 1996 Peugeot 406 Coupe (designed by Sergio) all wore the Pininfarina badge.

Pininfarina was listed on the Italian Stock Exchange in 1986.

Sergio Pininfarina stepped down to become honorary chairman in 2006, shortly before the financial crisis, which hit the car industry heavily.

Many small builders, like Germany's Karmann and France's Heuliez, did not survive. Other design firms downsized, while Italdesign - another leading Italian stylist - was acquired by Volkswagen AG.

Pininfarina was forced to raise capital in 2009, re-negotiate its debt and shrink its business.

It had to close its manufacturing operations and reinvent itself as a smaller niche design player, with the family's 77 percent stake in the company used as collateral for loans with creditors it needs to pay back by 2018.

In 2011, the company announced it was stopping car production because it had seen its revenue plunge in a sector reeling from the financial crisis, but has continued to design and engineer, with a particular focus on electric cars.

Pininfarina was head of Italy's business association Confindustria from 1988 to 1992 and was named senator for life in 2005. He is survived by his wife Giorgio and two children Lorenza and Paolo.

"He was one of the greats of Italian industry, an example of 'Made in Italy' known around the world. This is a great loss," said Giorgio Squinzi, the current head of Confindustria.

The Cisl trade union also paid tribute to a man they said had been "a constructive and attentive interlocutor both as a businessman and as a head of Confindustria in difficult years in our history."

In May, Pininfarina said it expected to post its first profit this year since 2004.

source: interaksyon.com

One Direction Singer Harry Stylin' in New Ferrari

One Direction singer Harry Styles is wasting no time spending his boy band dollars and cruised around Beverly Hills in a brand new Ferrari convertible this weekend.

The 18-year-old's new luxury ride is a Ferrari California, which retails for around $200K.

You can bet the unfamous One Direction doesn't have one of these.

source: tmz.com

Ferrari hopeful of quick upgrade

Ferrari are confident they will make a step forward with the F2012 this weekend in Spain but are refusing to make any predictions about how far forward they'll move up the grid.

Having struggled for pace in each of the four opening races of the season, and been flattered by the results Fernando Alonso has managed to wring out of his ill-handling machinery, the team will be introducing a series of new parts at the Circuit de Catalunya this week on top of the modest changes made to the F2012 at last week's Mugello test.

With Alonso driving in front of his home supporters, hopes are high that Ferrari will close the gap that has emerged between them and the leading pack, but the team itself are playing down expectations of a sudden charge to the front.

"Based on what we saw in Mugello, where we introduced the first part of the package we've prepared, and based on the numbers we collected there and from the wind-tunnel, we believe we have made a step forward compared to ourselves," Luca Colajanni told Sky Sports News.

But now for the but.

"How big [it is] and how much we can catch-up compared to the others, it's difficult to say until we've seen everyone else showing off their cars because I'm pretty sure that everyone will bring everything they have in their pocket here."

"I believe we will have the first feeling on Friday, but the first answer only on Saturday."

source: http://www.skysports.com/story/0,,20876_7744209,0.html

Ferrari boasts record results for 2011

MILAN - Italy's luxury carmaker Ferrari announced record results for 2011 on Friday, with revenues exceeding two billion euros ($2.63 billion) for the first time, despite the widespread economic crisis.

"The year ended with extremely positive results that were in certain instances unprecedented in Ferrari's history," the company said in a statement.

Revenues reached 2.251 billion euros, up 17.3 percent, while a record 7,195 cars were sold, up 9.5 percent on the previous year's figure, it said.

Ferrari, which is owned by the autogiant Fiat, sold 6,573 cars in 2010 for revenues of 1.919 billion euros.

"We can only be satisfied with these results," the head of the famous sportscar brand Luca di Montezemolo was quoted as saying.

"They were achieved against an economic backdrop that remains challenging, particularly in Europe," he added.

The company said it achieved record sales in 2011 in America and in the Greater China Area -- which has become Ferrari's second largest market -- while it also performed well in the Middle East, with a 22 percent increase in sales.

Demand was also up in Britain, Germany and Switzerland in particular.

"Our international expansion continues and Ferrari today has a network covering 58 nations," he said.

Montezemolo said a new 12-cylinder model would be unveiled at a show in Geneva in March, which he described as "a revolutionary new car that delivers extreme performance and unprecedented power output."

source: interaksyon.com