Ferrari (NYSE:RACE) debued off their 2020 Formula One car with a theatrical show of pride and passion last Tuesday, assuring fans that it was very different under the skin to last year’s model.
The SF1000, marking the Italian team’s 1,000th race that comes up this year, is the car Ferrari hopes can end 6 yrs of MercedesAMG domination and dash Lewis Hamilton’s bid to equal Michael Schumacher’s record 7 titles.
If the Red machine looked superficially similar under the stage lights to the Y 2019 version, team principal Mattia Binotto said appearances are deceptive.
“We have been as extreme in all the concepts as we could,” he told a global audience watching as the car made its appearance on stage at Reggio Emilia’s opulent Romolo Valli opera house.
“The entire car, power unit, has been packaged to have a very narrow and slim body shape.
“It may look very similar to last year but, believe me, it’s completely different and a lot of the concepts are very extreme,” added Boss Binotto , who is starting his 2nd year at the helm.
4X world champion Sebastian Vettel, on stage with team mate Charles Leclerc, gave it his immediate seal of approval.
“I like it a lot,” said Mr. Vettel, who also showed off his Italian in addressing the audience. “And it’s a little bit more Red than last year.“
Ferrari won 3 races last year, 2 for Mr. Leclerc and the other for Mr, Vettel, and finished runners-up to MercedesAMG who won both titles for an unprecedented 6th season running.
Presenting the new car away from Maranello for the 1st time, in a nearby city famed as the birthplace of the Italian flag and with fans thronging the square outside, Ferrari’s presentation put emotion center stage.
A violin soloist played, cymbals clashed and a youth orchestra performed stirring F1-themed music as the team put on a show before the serious work of testing starts in Barcelona on 19 February.
Some 350 men and women from the racing department took their seats in the auditorium and were recognized as Ferrari’s ‘unsung heroes‘ by CEO Louis Camilleri.
“We all share a passion for the prancing horse,” he said. “We are all very conscious of the huge responsibilities that lie on our shoulders.”
Ferrari last won a drivers’ title with Kimi Raikkonen in Y 2007, and a constructors’ championship in Y 2008.
The season starts in Australia on 15 March
Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.
HeffX-LTN overall technical outlook for RACE is Bullish, there is resistance at 175.00, and Key support is solid at 169.80, the stock has established strong long term support. The MACD is Very Bullish in here.
Ferrari finished at 173.26, +0.95 Friday in NY.
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 and siding with BAML to 230 long term for now.
Have a terrific holiday weekend