Ferrari’s New CEO Says Marchionne’s Plans Were “Aspirational”

Ferrari’s new chief executive Louis Camilleri says profit targets set by the late Sergio Marchionne’s were “aspirational”, triggering a plunge in the automaker’s shares.

Speaking on a conference call to analysts, Camilleri said he will outline a plan for how Ferrari will try to double its profits by 2022 in September.

“Both Sergio and I had the same ambitions,” he said. Camilleri went on to say that Marchionne’s targets were “aspirational” and carried both “risks and opportunities,” Bloomberg reports.

In response, shares in Ferrari dropped by as much as 12 per cent on the New York Stock Exchange, the most significant decline since February 2016, reducing the brand’s market value to $22.9 billion.

Under Marchionne’s leadership, Ferrari’s profits doubled in the past four years, thanks to the introduction of one-off models and an increase in production. Marchionne also intended to oversee the launch of a number of hybrid performance models and the marque’s first SUV.

Before Marchionne’s death last week, he was set to remain at the helm of Ferrari for another five years. He said Ferrari intended on doubling its profits to 2 billion euros ($2.3 billion) within five years.

Predictably, it’s not just Ferrari’s value that has taken a hit following Marchionne’s death from an undisclosed illness. Shares in Fiat Chrysler Automobiles slumped by 16 per cent on July 25 as new chief executive Mike Manley reduced the car manufacturer’s profit targets for 2018.

It remains to be seen if Camilleri will alter Ferrari’s plans for the future or not. We shall find out in September.

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  • Vassilis

    Please no SUV.

    • Belthronding

      probably they are going to launch it with different description like FUV (Ferrari utility vehicle)

      • Vassilis

        No FUV, no CUV, nothing of the sort!

    • Yeah sadly SUV (or FUV) is in the card. Ever since di Montezemolo quit the company.

  • Tumbi Mtika

    Well, Sergio was right. He never made a Ferrari SUV.

    But he will, unfortunately.

  • europeon

    All those who insulted me for speaking the truth about marchionne’s incompetence will soon realize I was right.
    Anyway, I’m curious how much of Ferrari’s profits comes from building engines for Maserati (and to some extent Alfa). They’re building a lot of engines, in the tens of thousands, and those aren’t cheap – my estimation is they build engines worth $3-4 billion for Maserati and Alfa every year.

    • lagunas3ca

      “Ferrari-developed… Ferrari-derived… Ferrari-sourced… Ferrari-tuned…” all just marketing gimmicks.

      • europeon

        No. They’re literally building the engines in the Ferrari factory and shipping them to Maserati’s and Alfa’s assembly plants. Not a very difficult job because basically almost all of their engines share the same internals. The only thing they’re not doing in house are the engine blocks for the F160 engines – I guess Alcoa didn’t build them a large enough foundry to handle 50k+ engines a year.

    • Well they are still the part of this family, so yeah.

      • LeStori

        Considering that Maserati and Ferrari and one Alfa Romeo Model used the
        F136 Engine with various designations, they are all closely related.
        Maserati Modded comes ot mind rather then Maserati designed.

  • Dude

    Why would you question a beloved late ceo’s goals right after his death? That’s just not a good idea.

  • Six_Tymes

    when a company is behind others, “risks and opportunities” are what you need to seek and follow when trying to bring your company inline or above the competition, if you don’t, you’ll never accomplish much change for the better. not many ceo’s are able to turn big companies around, notice i said not many, and I did not say not any. Sergio had immense tasks, his job could not have been more difficult.

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