Montezemolo hits out at Ferrari

No disrespect but he destroyed all they did by appointing the man now running Lamborghini.

 

LMAO. he's not happy with how Ferrari have treated Vettel? LDM himself publicly shat all over Schumacher. This is also the same guy who actively dismantled one of the greatest teams in history.

He's senile in his old age.

 

“Dumbmenicali” certainly did the opposite of carrying momentum from the Schumacher/Todt/Brawn era

 

And whatever the Italian said about Ferrari, once he left, he ran Alitalia and had some involvement in Italo. Alitalia is still a disaster.
Muy $0.02 on Domenicali, he is doing a better job running Lamborhini than he did on the F1 team. Allison was a loss, but obviously, Marchionne was the boss. And we know how those episodes play out.

Biggest mistake made, breaking up the international direction of the team, and re-instating its "Italianess".

 

Very true.

With insight, it's rather ironic the attempt to make Ferrari "more Italian", since now its headquarters are in the Netherlands, and its Chairman is an American !

 

That’s a good point. Elkann is stateless. Its universalism pushes it not to feel what makes the specificity of Ferrari , that is to say a singular Italian history. I do not speak of the stupid policy of italicization of the frameworks but the will to group the best international competences to melt them in an Italian mold.
Todt managed to do this.
Elkann and Camilleri not because they frankly don't care.

 

John Elkan is the chairman of Ferrari and Fiat-Chrysler-Automobiles, plus Exor, the Agnelli family holding company, where he is both chairman and CEO.

Exor owns only 27% of FCA and 23% of Ferrari, but has a higher share of the capitals in finance companies, banking, reinsurance, , and a huge media empire. Exor controls about 12 international newspapers (including the Financial Times), several magazines (The Economist), 3 radio stations, 4 TV channels, 1 web portal, plus an advertising agency.

Exor is also involved in industry, agricultural equipment, tractors, and trucks, owning a portfolio of international companies like Case, New Holland, IVECO, etc … Juventus soccer club is also part of Exor.

In 2019, Exor declared revenues of $144 billion in the Netherlands ; that easily dwarves anything FCA or Ferrari could bring. So I think Elkan concentrates mostly his activities in running Exor, the Agnelli family heirloom, more than FCA and Ferrari where he delegates power.

 

elkann and cami whatever his name is, is just obviously, using the name and milking as much money as possible. These guys and just business minded, nothing else. I heard the rumour of a Ferrari suv, i'm sure they have something to do with this nonsense as well.

 

There is no passione in Elkann for the Scuderia. And the sweater's destructive legacy is here in plain sight.

 

Isn't his father French?

 

SUVs will ensure the survival of most luxury and sportscar brands, so it's quite logical that Ferrari goes that way too, after Porsche, Lamborghini, Bentley, Roll-Royce, Aston-Martin, etc ...

 

Maybe this point is just a side-show. But I do agree that Marchionne treated Montezemolo poorly. The root of that isn't F1. It's that Luca didn't like sweater boy's grand plan to float Ferrari and increase production while using the proceeds to find ways to sell more Jeeps.

 

With Ferrari's IPO, the share price was $65/share, and today's stock is trading at a fraction under $192/share. Ferrari's value wasn't recognized while it was in FCA. Its literally a no brainer to let the company go public. And the whole thrust now is a life style and luxury brand.

 

Very true, i guess the SF1000 could be classified as a utility vehicle as well

 

Exactly, but today this disconnect between the value of the company and the sports results is not healthy. If this continues, one will necessarily be impacted by the other.

 

Gianni Agnelli was a pure Italian.
He felt this Brand deep in his gut.
Elkann has no real homeland and he does not see this sports debacle as a national tragedy.
That is the problem.

 

Most old Italian families I know hate to give up ANY control of the family business. However, in 1969 Enzo realized that if his company was to survive they needed a partner.

 

The Agnellis had helped Enzo Ferrari several times even before the sale to FIAT in 1969.
They bailed him out a couple of times, and in 1955 gifted him the cars and the staff of the Scuderia Lancia .
The negotiations with Ford in 1963 were motivated by real financial problems at Maranello.

 

And racing be damned.

 

I don't think they are his priorities, like the rest of Exor is.

Elkan is apparently quite happy to see FCA merge with PSA (Peugeot), diminishing greatly his grand-father legacy.

As for Ferrari, Exor doesn't have a controlling interest.