Reports have suggested that the Maranello Team was insisting on a significantly less lucrative contract and just a 1-year extension for Seb Vettel, 32 anni, a 4X world champion.
But Team Boss Binotto said, “It was not about the type of offer or the duration of the agreement. Ferrari undoubtedly loves Sebastian for many reasons both as a driver and as a person. Seb was our 1st choice, and then the corona crisis came and it changed many things.
“The regulations, the budget ceiling, many things changed our vision of the situation as we look ahead to the new cars that are postponed to 2022. We opted for transparency with Seb because he had to think about his future and we couldn’t postpone the decision either.”
Boss Binotto says he hopes Mr. Vettel manages to secure another Top seat to remain in F1 in Y 2021.
He said that he heard rumours that he could go to MercedesAMG, and he would be very happy for him.
For The Scuderia things changed and its vision, in terms of timing, did not coincide with Mr. Vettel’s vision.
“Seb is a great person, a great professional with a sense of responsibility, and I am sure he wants to finish his last year at Ferrari in a good position achieving the best for the team.” Boss Binotto said.
Our overall technical outlook is Very Bullish in here, as all Key indicators are Very Bullish as it approaches its all time highs at 179.21 marked on 18 February 2020.
Ferrari (NYSE:RACE) finished Monday at 172.60, +1.75 in NY. Just off its all time highs.
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.
Have a healthy day, Keep the Faith!