06/05/2014
AUBURN HILLS, Mich. -- Ferrari might be worth $16 billion, according to Chrysler and Fiat CEO Sergio Marchionnne, but is is still not for sale -- and never will be.
Marchionne, who is presiding over a day-long conference here today to reveal the five-year strategic plan for Fiat and Chrysler, said Wall Street analysts continue to drastically underestimate the value of Ferrari.
He said Ferarri's value is easily double the $4.6 billion to $7.5 billion they have estimated. Nevertheless, he said the amount is immaterial because the supercar brand is not for sale.
Analysts have long speculated Fiat either should or will sell the powerful brand. Marchionne said Ferrari is actually worth double their valuations, especially if the brand were to increase volume to 10,000 vehicles a year as it expands to new markets.
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"You keep on getting your numbers wrong so I might as well teach you the right valuation method," Marchionne said, half in jest. "But to be absolutely categorical about this — Ferarri is not for sale."
Marchionne told analysts to remember that every time they place a value on Fiat Chrysler Automobiles, especially when the company is looking to borrow money to fund growth of other brands. He also it is difficult to accurately estimate a value for Ferrari because it a price would depend greatly on market conditions.
"The only thing we do know for sure is that it is a phenomenal repository of value and it should never ever be underestimated," he said. "Whenever you think we are going get hard pressed for cash, look at this."
Today Fiat deliberately limits Ferrari production to 7,000 vehicles a year. A new model is introduced every year and each has a four-year lifespan. They have 8- and 12-cylinder engines.
The most recent, the limited edition LaFerrari, has sold out its allotment of 499.
Ferrari controlled the Maserati luxury brand for seven years, ending in 2005. It is one of three luxury brands that are now part of Fiat Chrysler Automobiles. The other two are Maserati and Alfa Romeo.
Fiat Chrysler Automobiles is aiming to quadruple the global sales of its Maserati luxury brand by 2018, Harald Wester, CEO of the brand, said Tuesday in Auburn Hills.
The ambitious global expansion is based on the company's plans to launch six new or redesigned cars or crossovers over the next five years.
"Against all odds, Maserati is taking on the boring giants, the giants of the expected, the predictable," Wester, who is also CEO of Alfa Romeo, said today in Auburn Hills.
Wester said Maserati, founded in 1914, struggled in the 1960s and 1970s, but was eventually reinvigorated by Fiat. Fiat acquired Maserati in 1993 but the brand's global sales have been modest.
Maserati's sales have grown from 8,600 in 2008 to 15,400 in 2013.
Wester said the company's sales should grow to more than 75,000 by 2018.
Fiat Chrysler Automobiles plans to achieve that rapid growth by launching the Levante SUV this year, followed by the Alfieri Coupe, Granturismo and Grancabrio between 2016 and 2018.
"By 2018, we will be covering the luxury market in its entirety," Wester said. "We will be building ultra luxury automobiles with timeless style, we plan to keep our connection to our racing heritage in tact, and we will further evolve our unique sculpture and Italian style."
Fonte: usatoday.com
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