Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Throaty engines roar as Ferrari shares make Milan debut

04 January 2016, 14:36

Milan -Legendary carmaker Ferrari completed its spinoff from Fiat Chrysler Automobiles with a debut on the Milan stock exchange Monday, its shares opening at 43 euros before slipping in early trading.

Eight gleaming sportscars lined up in front of Milan's "Midnight Palace" -- including the latest F12 Tdf model -- and the throaty roar of Ferrari engines could be heard throughout the listing ceremony, attended by Prime Minister Matteo Renzi.

Trading under the RACE ticker saw shares drop to 41.75 euros in a broadly depressed market, before being briefly suspended and then climbing to 42.37 euros.

The share sale came two and a half months after the legendary mark of the prancing horse roared onto Wall Street.

"From the moment we announced the split from FCA, a journey came to an end," said Ferrari Chairman Sergio Marchionne, referring to the racer's emergence as an independent company for the first time in 47 years.

"But the truth is that today another big chapter is beginning. This listing marks Ferrari's independence, which is essential in maintaining its development and potential," he said, promising customers "ever-more exclusive models".

Ferrari, known for its high-price sports cars, is the biggest and most glamourous name in Formula One racing and the team's logo of a black stallion against a red background is instantly recognised by motorsport fans around the world.

As a unit of Fiat Chrysler, the supercar maker was a cash generator. In 2014 it reported net revenues of 2.76 billion euros ($3.13 billion), and a net profit of 265 million euros.

Revenues grew seven percent a year between 2005 and 2014, and margins increased strongly over the same period.

The sale aims to raise much-needed cash for Fiat Chrysler, to help it tackle its high debt level.

At the end of June, the carmaker had net debt of $10.8 billion due to a combination of the costs of its Chrysler takeover and ongoing loss making activities in Europe.

Fiat Chrysler plans to invest some $48 billion to expand its total worldwide sales to seven million vehicles per year, largely through the development of its Jeep, Alfa Romeo and Maserati brands.


Tags ferrari

Read more from our Users

Submitted by
William Korir
ODM kicks 6 MPs out of Parliament...

ODM has kicked 6 rebel members out of house committees. Read more...

Submitted by
William Korir
Karua now headed to Jubilee?

Is Martha Karua now headed to the Jubilee Coalition? Read more...

Submitted by
William Korir
Kenneth defends move to support U...

Peter Kenneth says that moving to support President Uhuru Kenyatta and the Jubilee Party is his democratic choice. Read more...

Submitted by
S Mbinya
How to keep her interested

It is not only men who lose interest in relationships. Read more...

Submitted by
S Mbinya
What to do after breakup

Your life does not end after breakup. Here are tips to move on: Read more...

Submitted by
S Mbinya
Rare gift for President Uhuru Ken...

Young Jubilee supporters have a rare surprise gift for the President. Read more...