by Tyler Durden
Tuesday, May 04, 2021 - 02:10 PM
In a world flooded with liquidity, where the backlog to get a new supercar is sometimes measured in years, one would think that ultra luxury carmakers would be soaring. Alas, that s not the case for Ferrari (RACE) today, whose stock plunged more than 8% in Milan trading,
the biggest drop since March 2020, making it the worst performer on the FTSE MIB and the Stoxx 600 Automobiles & Parts Index
after the supercar maker delayed by a year longstanding profit targets for 2022 initially set before the Covid-19 pandemic, adding to a roster of challenges for the carmaker that has been without a CEO for almost five months.
Ferrari s CEO search list said to include Gucci, Valentino bosses
Bloomberg
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Ferrari Chairman and Agnelli family scion John Elkann may reveal the type of person he thinks should lead the supercar maker on Tuesday.
Elkann who as interim CEO will unveil Ferrari s full-year results is likely to provide details on the ideal profile for the permanent CEO and discuss timing of when the job will be filled, people familiar with the matter said.
Headhunters have started to assemble a preliminary list of luxury industry heavyweights including Gucci CEO Marco Bizzarri, although no one is excluding auto-industry entries, said the people, who asked not to be named since the process is not public. The company has not started interviewing candidates yet, the people said.
Tesla upgraded by S&P after cash levels soar to record high
Molly Smith and Dana Hull, Bloomberg News Signage is displayed at the entrance to the new Tesla Inc. showroom in New York. Photographer: Mark Kauzlarich/Bloomberg , Photographer: Mark Kauzlarich/Bloomberg
Tesla Inc. was upgraded by S&P Global Ratings putting the company two steps from investment-grade after a recent share sale boosted its cash to record levels.
The rater raised Tesla one notch to BB, in line with that of Moodyâs Investors Service. S&P assigned a positive outlook, saying there is at least a 33 per cent chance that Tesla could be upgraded again in the next year if its competitive advantage âstrengthens meaningfully,â analysts Lawrence Orlowski and Nishit Madlani said in a report Thursday.
BY Brad Anderson | Posted on
As much as 33 per cent of McLaren Racing will be sold to a consortium of U.S.-based investors.
The British company has been in a tough financial spot in 2020 and recently inked a deal with MSP Sports Capital that will see the company invest £185 million ($245 million) in McLaren Racing to acquire a 15 per cent stake in the company that will then rise to a maximum of 33 per cent by the end of 2022.
“The cash will immediately go into racing so they can fund the operations,” executive chairman of the McLaren Group, Paul Walsh told Bloomberg. “This is a very good transaction that will benefit the whole group.”
McLaren sells 33% stake in its racing unit thenationalnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationalnews.com Daily Mail and Mail on Sunday newspapers.