Motor racing great Mario Andretti would love to see Italian carmaker Ferrari (NYSE:RACE) join the North American Indycar series as a chassis and engine supplier.
Mr. Andretti, one of 4 drivers to claim both the F1 and IndyCar drivers championships, said in an interview Sunday that IndyCar series owner Roger Penske and Ferrari team principal Mattia Binotto should get together to discuss a collaboration.
“Having Ferrari would be incredible,” Mr. Andretti told an Italian sports newspaper. “Not only as an engine supplier, but also as a chassis builder.
“It is clear that the rules should be changed, but I would like an all-Italian Dallara Vs Ferrari battle. Cavallino would increase interest in the championship, but there is an obstacle in the rules.
“I suggest Binotto comes and proposes an idea to Roger Penske.”
Andretti’s role in IndyCar is now mostly ambassadorial but he remains a fixture on the circuit working with son Michael, also a former F1 and IndyCar driver who now operates numerous racing teams including IndyCar, Indy Lights and Formula E.
Currently IndyCar has 2 engine suppliers, Chevrolet and Honda, while Dallara makes the chassis for all teams.
Bringing F1’s glamour team into the IndyCar picture could be more than just fanciful pondering from Mr. Andretti with Ferrari resisting new FIA budget caps that could result in the loss of hundreds of jobs at the Maranello, Italy based operation.
F1 teams have agreed verbally to lower the Y 2021 budget cap from the $175-M set in the regulations to $145-M, but some are pushing for further cuts to reflect the global financial crisis caused by the C-19 coronavirus chaos.
Ferrari, the sport’s oldest and most successful team, oppose further reductions.
Ferrari, which makes its own car and engines, has said hundreds of jobs would be at risk under a lower cap.
A possible solution could see Ferrari expanding its motor racing footprint by deploying staff elsewhere into other series such as IndyCar, Le Mans or Sportscars.
Ferrari has long flirted with the idea of getting involved in IndyCar. In Y 1985 Ferrari struck a deal with Truesports Racing and Indy 500 winner Bobby Rahal to develop an IndyCar, a car was developed it never made it onto the starting grid
Our overall technical outlook is Bullish to Very Bullish in here
Ferrari finished Friday at 159.87, +2.59 in NY.
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 not considered defensive in the sector.
Have a healthy weekend, Keep the Faith!