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☆ Ferrari names Lorenzo Giorgetti as chief racing revenue officer
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 7 (Reuters) - Ferrari (RACE.MI) said on Tuesday it had appointed Lorenzo Giorgetti to the newly-created position of chief racing revenue officer, tasked with boosting long-term relations with sponsors across all racing activities. Among his previous posts Giorgetti has been chief commercial officer at Serie A soccer club AC Milan and head of commercial management in the sports division of Italian publisher RCS Mediagroup (RCSM.MI), Ferrari said in a statement. He will directly report to Ferrari's CEO Benedetto Vigna and will also cover the booming Esports field of videogame sport competitions. It comes just after Ferrari appointed Frenchman Frederic Vasseur as its new Formula One team principal in an effort to regain competitiveness in its flagship competition. Ferrari's revenues from 'sponsorship, commercial and brand', which include those earned by its Formula One racing team through sponsorship agreements, rose 11% last year to 479 million euros ($512 million).

☆ Ferrari revs up for "even stronger 2023" after beating forecasts in Q4
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Companies Ferrari NV FollowMILAN, Feb 2 (Reuters) - Ferrari (RACE.MI) said on Thursday it saw "even stronger" results this year after posting a 16% increase in its core earnings in 2022, supported by increased sales volumes of its luxury sports cars. Ferrari said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would come in between 2.13-2.18 billion euros in 2023, from an above-guidance result of 1.773 billion last year. By 1145 GMT they were up 1.8%,In the fourth quarter, adjusted EBITDA rose 18% to 469 million euros ($516 million). "These figures provide the base for an even stronger 2023, fuelled by a persistently high demand for our products worldwide," said Benedetto Vigna, Ferrari CEO. Deliveries of Ferrari's new 390,000 euro Purosangue are expected to start in the second quarter of this year.

☆ Italy's Juventus docked 15 points for transfer deals
▼ + stars: | 2023-01-20 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +3 min

With 20 games left to play this season, Juve were third in Serie A with 37 points, 10 behind leaders Napoli. In a late night statement, the court also imposed bans from holding office in Italian soccer on 11 past and present Juventus directors. Juventus said it would appeal to the country's Sport Guarantee Board once the reasons for the ruling were published. CASE REOPENEDThe ruling reversed a previous decision in April to clear Juventus, 10 other clubs and their executives of wrongdoing. Public prosecutors in Turin have requested Andrea Agnelli, 11 other people and the club itself to stand trial over allegations of false accounting.

☆ Juventus handed 15-point deduction for transfer deals
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

With 20 games left to play in this season, Juve were third in Serie A, 10 points adrift of leaders Napoli. The points deduction would push them down into mid-table, outside the spots for European competition. The ruling is tougher than a nine-point deduction a soccer prosecutor had requested earlier on Friday during a hearing looking at the way Juventus, Italy's most successful club, and a number of other teams dealt with player exchange deals. The soccer court also ruled that former Juventus chairman Andrea Agnelli be banned from holding office in Italian soccer for 24 months. It also decided on a 30-month ban for Juve's former sports director, Fabio Paratici, now managing director of football at England's Premier League club Tottenham Hotspur.

☆ Agnelli warns of Premier League dominance as he quits Juventus
▼ + stars: | 2023-01-18 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +4 min

SummarySummary Companies Agnelli warns Premier League will marginalise rivalsStepping down from Juventus and two other board rolesNew Juventus board faces legal battle over accountsTURIN, Italy, Jan 18 (Reuters) - Outgoing Juventus <JUVE.MI> Chairman Andrea Agnelli, who could face trial over the club's accounting, signed off on Wednesday with a plea for reform of European soccer to counteract the power of the English Premier League. As well as leaving Juventus, Agnelli also said he would step down from his board roles at carmaker Stellantis (STLA.MI) and Exor (EXOR.AS), the Agnelli family holding company which controls the football club. Prosecutors in Turin have requested that Agnelli, 11 other people and the club stand trial over allegations of false accounting. "I believed and still believe that European soccer needs structural reforms to tackle the future," he said. Andrea Agnelli retains his role as board member at Giovanni Agnelli B.V., Exor's controlling shareholder, which groups all descendants of Fiat founder Giovanni Agnelli.

☆ Stellantis, Vulcan Energy to develop renewable energy assets in Germany
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Jan 17 (Reuters) - Automaker Stellantis (STLA.MI) has teamed up with lithium group Vulcan Energy Resources (VUL.AX) to develop geothermal energy projects in Germany to help decarbonise production of electric vehicles at Rüsselsheim, the two companies said on Tuesday. Stellantis' Rüsselsheim facility is where the world's third largest carmaker by sales produces its DS 4 and Opel Astra models. War in Ukraine has tightened Europe's energy supply, causing uncertainty for manufacturers already suffering from strained supply chains for raw materials and components such as semiconductors. Stellantis CEO Carlos Tavares said the partnership with Vulcan reinforced the group's commitment to greater use of cleanenergy. The carmaker, formed two years ago through the merger of Fiat Chrysler and Peugeot maker PSA, already has a deal with Vulcan for lithium supply from the miner's project in the Upper Rhine Valley in Germany.

☆ Eni, Chevron announce new gas discovery in Egyptian East Med field
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 15 (Reuters) - Italian energy group Eni (ENI.MI) and U.S. energy major Chevron (CVX.N) said on Sunday they had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea. km Nargis Offshore Area concession operated by Chevron (CVX.N), which holds a 45% interest in it. Eni also holds a 45% stake, while Egypt's Tharwa Petroleum Company SAE holds a 10% interest. State-controlled Eni is looking for new gas sources as it aims to completely replace gas imports from Russia by 2025 following the fallout from Russia's invasion of Ukraine. The new discovery is located in the Nargis-1 exploration well and "can be developed leveraging the proximity to Eni's existing facilities", the group said in a statement.

☆ Eni announces new gas discovery offshore Egypt
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: 1 min

MILAN, Jan 15 (Reuters) - Italian energy group Eni (ENI.MI) said on Sunday it had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea. State-controlled Eni is looking for new gas sources as it aims to completely replace gas imports from Russia by 2025 following the fallout from Russia's invasion of Ukraine. The new discovery is located in the Nargis-1 exploration well and "can be developed leveraging the proximity to Eni's existing facilities", the group said in a statement. km Nargis Offshore Area concession operated by Chevron (CVX.N), with a 45% interest in it. Eni also holds a 45% stake, while Tharwa Petroleum Company SAE holds a 10% interest.

☆ Carmaker Stellantis seals batteries material deal with Element 25
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 9 (Reuters) - Carmaker Stellantis (STLA.MI) has signed a deal with Australian miner Element 25 (E25.AX) for the supply of manganese sulphite for batteries for its electric vehicles (EVs), the two companies said on Monday. Based on the five-year binding agreement announced on Monday, Element 25 will supply Stellantis with high-purity manganese sulphate monohydrate to be used in battery packs. Element 25 will source the material from its Butcherbird project in Western Australia and plans to construct a processing facility in the United States. Stellantis, meanwhile, will make an equity investment in Element 25, the two companies added in a statement. "Our commitment to a carbon net-zero future includes creation of a smart supply chain to ensure we meet our customers' desire for EVs," Stellantis CEO Carlos Tavares said.

☆ Italy PM to meet with Intel to "facilitate" chip factory investment
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

ROME, Dec 29 (Reuters) - Italy's Prime Minister Giorgia Meloni said on Thursday she would request a meeting with representatives of Intel (INTC.O) to discuss a possible multibillion-euro investment by the U.S. chipmaker in Italy. Intel earlier this year announced it aimed to build a chip factory in the country as part of a wider plan to invest as much as 80 billion euros ($85.15 billion) over the next decade in building capacity across Europe. The deal, which is expected to involve state subsidies, has not yen been finalised. "In the coming days I'll seek to schedule a meeting, to ask Intel what we can do to facilitate their investment in Italy, which I think is highly strategic," Meloni said during a year-end press conference. ($1 = 0.9395 euros)Reporting by Giselda Vagnoni, writing by Giulio Piovaccari, editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

☆ Quitting top job at Juventus wasn't an easy decision, Andrea Agnelli says
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: 1 min

TURIN, Dec 27 (Reuters) - Outgoing Juventus (JUVE.MI) Chairman Andrea Agnelli said on Tuesday his decision to stand down was not an easy one to take, and he remained convinced he had acted correctly. "On top of loving Juventus, in recent years I have given my best to achieve results on and off the pitch," Agnelli told shareholders gathered in Turin to approve the Serie A team's results for the fiscal year ended in June. "I am strongly convinced I have acted properly in recent years, and that accusations raised against us were not founded," he added. Reporting by Giulio Piovaccari, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis in talks to buy 'substantial' stake in hydrogen mobility company Symbio
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

MILAN, Dec 23 (Reuters) - Stellantis (STLA.MI) has entered exclusive talks with France's Faurecia (EPED.PA) and Michelin (MICP.PA) to buy a "substantial" stake in their Symbio joint venture, a fuel cell system maker for hydrogen mobility, the three companies said on Friday. Stellantis, the world third-largest carmaker, launched hydrogen-powered mid-size vans late last year and aims to expand its hydrogen offer to large vans in Europe in 2024 and in the U.S. in 2025, "while further exploring opportunities for heavy-duty trucks". Stellantis entry "will accelerate and globalize Symbio's growth," Faurecia's CEO Patrick Koller said. The transaction, for which no financial details were provided, is expected to be finalised in the first half on next year, the three companies said in their statement. Reporting by Giulio Piovaccari, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Italy court ruling allows work on Tuscan LNG terminal to proceed
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +3 min

[1/3] A view shows the spot where a floating storage and regasification unit will be set up in front of the port city of Piombino, Italy, October 20, 2022. The court said on Thursday it had scheduled a new hearing on March 8 to assess longer-term safety issues relating to the floating terminal. The infrastructure needs to be operational by April to help Italy replace dwindling Russian gas supplies and to re-fill its gas storage by next winter. The Piombino terminal will have a capacity of 5 billion cubic metres (bcm) and will allow Italian energy groups to increase LNG imports to the country. In Italy there are currently three LNG terminals with a total capacity of nearly 17 bcm.

☆ Talks over new job contracts at Italian auto groups to continue in January - union
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: 1 min

MILAN, Dec 12 (Reuters) - Ongoing talks over new job contracts in Italy for Stellantis (STLA.MI), Ferrari (RACE.MI), CNH Industrial (CNHI.MI) and Iveco (IVG.MI) will be extended into January, a union representative said on Monday. Gianluca Ficco of UILM union told Reuters talks, which where initially scheduled to end this week, would "predictably" continue next month, when unions and the four companies deal with key issues, including proposed salary increases. Stellantis was not immediately available for comment. Reporting by Giulio Piovaccari, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.

☆ Juventus has no requirement of additional capital, says Exor's Elkann
▼ + stars: | 2022-11-30 | by ( Daniel Wiessner | ) www.reuters.com time to read: +1 min

MILAN, Nov 30 (Reuters) - Serie A soccer club Juventus (JUVE.MI) does not need a fresh capital injection, the chief executive of controlling shareholder Exor (EXOR.AS) said on Wednesday. Exor on Tuesday proposed accountant Gianluca Ferrero as the new chairman of Juventus, marking the end of the long reign of Andrea Agnelli as the Italian soccer club tries to get to grips with its financial and legal troubles. "Juventus has no requirement of capital," Exor CEO John Elkann told analysts and investors at a business presentation of the holding company of Italy's Agnelli family. "Football is a very valuable sector, the ingredients that Juventus has and the leadership ahead are going to make the differences," Elkann said, adding Exor was very encouraged by the future of the club. Reporting by Giulio Piovaccari Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Ferrari pauses new Purosangue orders amid strong demand - media
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 29 (Reuters) - Ferrari (RACE.MI) has temporarily stopped taking orders for its Purosangue SUV as high demand has sent waiting lists for some customers to around two years, Chief Marketing and Commercial Officer Enrica Galliera told the drive.com.au website. Ferrari unveiled in September the petrol-powered 12-cylinder Purosangue, which the Italian sports car maker prefers to describe as a four-door, four-seater. "It's no secret that we stopped taking orders. We had such an interest without delivering one single car," Galliera was quoted as saying by the Australian website. The company prioritises existing customers when taking orders for new models.

Some elements of the Jeep joint venture's failure are particular to Stellantis - and the former car groups that feature among its 14 brands. But data compiled for Reuters by consultancy LMC Automotive expose a problem shared by a number of other global carmakers: plummeting Chinese plant usage. Reuters GraphicsThe Jeep failure in China happened less than two years after Stellantis was formed by the merger of PSA and Fiat Chrysler. "Chinese companies actually have an early mover advantage because they embraced electrification faster than the foreign companies were willing to," he added. While fully-electric cars make up an average of 5% of models foreign carmakers sell in China, they account for 30% of Chinese carmakers' models, according to LMC data.

☆ Juventus Chairman Agnelli resigns with entire board
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 28 (Reuters) - The board of Juventus (JUVE.MI), chaired by Andrea Agnelli, has resigned "in the best interest of the company," the Italian Serie A soccer team said on Monday. The collective resignation comes after Juventus' financial statements received scrutiny from prosecutors and Italian market regulator Consob in recent months for alleged false accounting and market manipulation. Juventus said it had called a shareholder meeting on Jan. 18 to appoint a new board. Andrea Agnelli, who has chaired Juventus since 2010, will not seek a reappointment, a source with knowledge of the matter told Reuters. In a letter to Juventus staff seen by Reuters, Andrea Agnelli described the company situation as "delicate."

☆ Stellantis to reorganise European dealer network from July 2023
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 24 (Reuters) - Franco-Italian carmaker Stellantis (STLA.MI) said on Thursday it would reorganise its European dealers' network in July next year, starting from Austria, Belgium, Luxembourg and the Netherlands. As part of its efforts to cut costs and support investment for electrification, Stellantis last year said it would end all current sales and services contracts with European dealers for all of its 14 brands, from June 2023. Uwe Hochgeschurtz, Stellantis' chief operating officer for the 'Enlarged Europe' area, said the group aimed to promote a "sustainable" distribution model and all stakeholders would benefit. Stellantis said it ran a comparative economic simulation showing that, under the new planned distribution model, dealers would enjoy "at least equivalent profitability" and reduced exposure to risks. A spokesman for the company said Stellantis' light commercial vehicle brands would enter the new distribution structure from Jan. 1, 2024.

☆ Chinese carmakers target more European sales with five-star EVs
▼ + stars: | 2022-11-21 | by ( Nick Carey | ) www.reuters.com time to read: +7 min

"All Chinese EV makers want to achieve Euro NCAP five-star ratings in order to be more competitive in the European market," said Brian Gu, president of Chinese EV maker Xpeng (9868.HK). Perhaps more importantly for sales, high safety ratings also open up the potentially huge corporate car fleet market for Chinese EV makers. European carmakers are also pursuing five-star ratings for their EVs and hybrids, from BMW's (BMWG.DE) iX to Volkswagen's (VOWG_p.DE) ID.4 and ID.5. But almost half the Chinese cars sold were EVs, according to Inovev, giving them a 5.8% share of Europe's fully-electric vehicle market. Inovev vice-president Jamel Taganza said all Chinese cars sold in Europe would be EVs within a few years, with more lower-cost models on the way.

☆ Stellantis to halt Melfi plant operations in Italy for two days
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 8 (Reuters) - Stellantis (STLA.MI) will halt operations at its Melfi plant in southern Italy on Wednesday and Thursday due to a shortage of a component that uses micro chips, a trade unionist said. Marco Lomio, the local head of UILM metalworkers union, said on Tuesday that the Italo-French carmaker had just informed workers' representatives. The Melfi plant, which employs more than 7,000 workers, makes the Jeep Compass and Renegade models, some of Stellantis' bestsellers in Europe. Lomio said that the plant had produced only 130,000 cars so far this year due to the global semiconductor shortage. This makes it certain that full-year output will stay below the 190,000 units produced in pandemic-hit 2020, he said.

☆ Stellantis Q3 sales up 29% as better chip supplies lift shipments
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Net revenue rose 29% in Q3 to 42.1 bln eurosShipments grew 13% in Q3 to 1.281 mln vehiclesBEV sales up 42% year-on-year to 68,000 unitsMILAN, Nov 3 (Reuters) - Sales at Stellantis (STLA.MI) rose 29% in the third quarter, helped by higher volumes amid better semiconductor supplies, the world's fourth-largest carmaker said in a statement on Thursday. But while the semiconductor crunch was easing, other supply chain issues were looming on Stellantis' operations, especially around logistics in Europe. The group's global sales of battery electric vehicles (BEV) rose 42% year-on-year to 68,000 units. Logistics issues caused an increase in the group's vehicle inventory stock, while overall dealer sales to final customers were down 4% in the quarter. "But the risk is that we have a very extensive supply chain and small hiccups in suppliers can create big complexities for us in terms of the completion of vehicles."

☆ Ferrari lifts profit forecast after strong Q3, keeps cautious stance on margins
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

But the company added margin on adjusted EBITDA was now seen at around 35% for this year, versus a previous guidance of over 35%. It said industrial costs and research and development expenses weighed for an additional 34 million euros ($33.7 million) on its core result in the past quarter mainly due to higher depreciation and amortization and cost inflation. In the third quarter, adjusted EBITDA rose 17% to 435 million euros, supported by a double-digit increase in shipments. The result topped analyst expectations of 418 million euros, according to a Reuters poll. With a 73% increase, the China, Hong Kong and Taiwan region scored the largest shipment growth in the quarter.

☆ Monza player Mari stabbed in supermarket attack
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] View of the supermarket at a shopping center where several people were injured, including Monza's football player Pablo Mari, after a stabbing incident in Assago, near Milan, Italy October 27, 2022. REUTERS/Flavio Lo ScalzoMILAN, Oct 27 (Reuters) - Monza soccer player Pablo Mari has been stabbed along with at least four other people in a shopping mall in the town of Assago outside Milan, news agency ANSA reported on Thursday. The BBC said a 46-year-old suspect has been detained and the motive for the attack in a supermarket was not clear. "Pablo Mari had a fairly deep wound on his back, which fortunately did not touch his vital organs such as the lungs or others. The 29-year-old Spanish centre back Mari is on loan at Serie A club Monza from Arsenal.

☆ Italian auto groups view 8.4% pay hike request as too high, union says
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

MILAN, Oct 26 (Reuters) - Four auto groups believe pay increase requests proposed by Italian unions, including a 8.4% annual rise for next year, is too high, the UILM union said on Wednesday as talks got underway. The FIM-CISL, UILM, Fismic, UGLM and AQCF unions also requested wage increases of 4.5% for 2024 and 2.5% for 2025 to help workers recover purchasing power lost due to a Europe-wide spike in consumer price inflation. He added Stellantis considered the new contract it is discussing with unions a "valuable tool" to achieve its competitiveness ambitions in Italy. Unions and the companies have scheduled seven more meetings to be held between mid-November and mid-December. Reporting by Giulio Piovaccari Editing by Cristina Carlevaro, Mark Potter and David GregorioOur Standards: The Thomson Reuters Trust Principles.

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