Ferrari Lifts Full-year Forecasts After Strong Q2 Results
Ferrari raised its forecasts for full-year revenue and core profit after posting what it described as record results in the second quarter and saying its order book hit new highs. "The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics," CEO Benedetto Vigna said in a statement on Tuesday. "Also, the net order intake reached a new record level in the (second) quarter," added Vigna, who took charge of Ferrari last September. The company guided for adjusted earnings before interest, tax, depreciation and amortization of between 1.70-1.73 billion euros this year, versus a previous forecast of between 1.65-1.70 billion euros. Adjusted EBITDA rose 15 percent in the April-June period to $456 million reports Automotive News. However, the margin on adjusted EBITDA fell to 34.6 percent in the quarter, from 37.4 percent a year earlier. Ferrari in June rolled out its new business plan, with a promise to make electric and hybrid cars 80 percent of it models by 2030. Click here for the full story.
Lamborghini Generates Record First-Half Results as It Prepares for Europe's Energy Crunch
Wealthy sports car enthusiasts powered Italian supercar brand Lamborghini to record first-half deliveries and profitability, but CEO Stephan Winkelmann said he is preparing for a challenging winter if Europe's energy crunch gets worse. Automotive News reports Lamborghini is banking natural gas to sustain operations during the winter should Russia carry through on threats to cut gas supplies to Western Europe. The outgoing Italian government had put a priority on sustaining gas supplies to industry, Winkelmann said. "We have no notice from the government that this is going to change," he said during a video conference with reporters. Like other brands catering to the world's wealthiest consumers, Lamborghini is managing a disconnect between booming demand and severe turbulence in the broader global economy. Lamborghini, which is part of Volkswagen Group's Audi business, has now become more of a high-performance, super luxury vehicle company than a sports car brand. The Urus crossover now accounts for 61 percent of sales, the company said in a statement. Click here for the full story.
EVs for Millions, Not Just Millionaires’
As Volkswagen vies to become a major player in a growing electric-vehicle market, the German automaker’s philosophy is “EVs for millions, not just millionaires,” says company executive Reinhard Fischer. After all, Volkswagen means “people’s car” in German. But the car company seeks to price its EV lineup for mass appeal, says Fischer, senior vice president-VW Group and VW North American Region Strategy at Volkswagen of America. Wards reports the current VW ID.4 battery-electric model is priced at $40,000. Due out is a version with less battery capacity but stickered at $35,000. “Our target is (a BEV model) under $30,000,” Fischer says during a Reuters webinar on automotive trends and strategies. “We wouldn’t be VW if we didn’t believe in EVs for everyone.” BEVs currently cost more than vehicles with traditional internal-combustion engines. For BEVs to gain mass-market allure, “we need to make them affordable,” says Weinberg, GM’s chief advocate–Global Transportation Technology. Both he and Fischer agree one way to lower electrified-vehicle prices is for automakers to diligently oversee a strong and efficient supply chain. “We need to make the supply chain more predictable and secure,” Weinberg says. Click here for the full story.
How Manager Erikka Tiffani Wells Is Modernizing Sales Training at Her Car Dealership
Sales training today looks significantly different than it did just a few years ago, and it’s high time to move away from using those dated manuals and videos. Today on CBT News’ Inside Automotive, Erikka Tiffani Wells, sales and training manager at Volkswagen of Marion, and the Co-founder and Vice President of the Women of Color Automotive Network joins to discuss modern training methods and challenges that she deals with. Car dealers are still feeling the new car inventory crunch, and at Volkswagen of Marion, vehicles are being delivered from the manufacturer will missing key features like backseats, rear cameras, and blind spot monitoring. So, when the salespeople have to evaluate trades, they have to take their time and slow down. At this point, the manufacturer has given no guarantee that these features will ever be installed. Instead, they are reducing MSRP. The problem, Wells explains, is that the vehicles are premium, with trim levels costing $50,000 or $60,000, and they don’t have basic features one would expect in a car. Even though vehicles are flying off lots for MSRP+, the industry still faces complex challenges that sales teams must prepare to handle. Click here for the full story.
BMW Just Made the All-Electric i4 More Affordable
The 2023 BMW iX already arrived earlier this year at the Chicago Auto Show, so now it's time for BMW's more affordable electric vehicle to enter its second model year. The 2023 BMW i4 was announced today, arriving with a new, more affordable eDrive35 to sit below the existing eDrive40 and M50. As expected from the smaller '35' numbering, the eDrive35 offers a bit less range and performance at a lower price. According to BMW's preliminary specs, this new i4 variant delivers 281 horsepower and 295 lb-ft of torque from a rear-mounted electric motor reports Carbuzz. For comparison, the eDrive40 produces 335 hp and 317 lb-ft, while the M50 tops the lineup with 536 hp and 586 lb-ft. BMW says the eDrive35 hits 60 mph in 5.8 seconds, which is only three-tenths slower than the eDrive40. It's also the same 0-60 time as the base Tesla Model 3. Click here to learn more about the i4.
Around the Web
Restored Jaguar XJR-15 Could Fetch Up to $1.4 Million [Carscoops]
Alfa Romeo Not Interested in Building Electric SUV [Carbuzz]
McLaren Artura Trophy Lets Loose the GT4 Race Car [Autoblog]
