F1: Ferrari (NYSE:RACE) says “FIA changes have impacted engine performance”

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Ferrari (NYSE:RACE) team Boss Mattia Binotto has conceded that the FIA’s Technical Directives have had an impact on the SF1000’s power unit

Ferrari’s power unit was one of the team’s biggest strengths in the Y 2019 campaign but its legality came under scrutiny towards the end of the season.

The FIA issued a series of directives relating to the power unit and that appeared to correlate with a slump in form for The Scuderia.

The findings of the official investigation into the power unit remained private between Ferrari and the FIA but, for the 1st real time on record, Boss Binotto has referenced the change in regulations as having a negative impact on their performance.

I think that the regulations are very difficult and complex,” Boss Binotto said in Friday’s team principals’ press conference at the Hungaroring.

I think there are areas of the regulations where maybe clarifications are still required. It’s an ongoing process which has always existed in the past, and will exist in the future.

Since last year a lot of TDs (technical directives) have been released, eventually clarifying some of the areas of the regulations. I think that through those TDs we had to adapt ourselves.

I do not think it was only the case of Ferrari, I think looking at the power output of this season I think most of the other manufacturers had to adapt themselves. Certainly as Ferrari we had to adapt, and as a simple output of that we lost some of the performance we had.

I think that now we have got a clearer situation in some areas of the regulations, hopefully that will continue if required for the future.

Engine development is an ongoing process that we never stopped since Y 2012, which was probably when we started developing those engines he added.

We were doing developments as well for this season we will not be able to introduce during this season itself, because we had the long shutdown period before the start of the season, which has not been the case for all the power unit manufacturers. We will try to develop as much as we can by the start of next season.

That is 1 point. The other side as I said, there are still areas of the regulations that need to be clarified, and hopefully that may be done in order that in the future at least there is sufficient clarity in the regulations to make sure that we have got all the same understanding.”

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HeffX-LTN overall technical outlook for RACE is overall Very Bullish, the resistance is Nil, and Strong Support is at 176.16.

Our overall technical outlook is Bullish in here, as all Key indicators are Very Bullish.

Ferrari finished Tuesday at 177.39, -1.61 Thursday in NY, just shy of its intraday all time highs at 180.95 marked on 19 February 2020.

The Maranello Outfit’s shares were raised to Buy from Hold at HSBC.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term (after the virus) and siding with BAML to 230 long term for now. The stock is now considered defensive in the sector.

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Have a healthy weekend, enjoy the racing.