F1 giant Ferrari (NYSE:RACE) has chosen Sydney as the base for a new program aimed at finding Top driver talent in the Asia-Pacific region.
The new Ferrari Driver Academy will be based at the Sydney Motorsport Park to attract drivers from Australia, New Zealand and countries through Asia.
Similar development programs have produced talent such as the Italian team’s current F1 driver Charles Leclerc.
Michael Schumacher’s son Mick and former world champion Emerson Fittipaldi’s grandson Enzo have also come through Ferrari academies.
Motorsport Australia President Andrew Papadopoulos said the academy would be an opportunity for local talent to take a step towards a potential F1 career.
“Our up-and-coming open-wheel drivers will now have an even better opportunity to be part of the Formula One system at an early age,” Motorsport Australia President Papadopoulos said.
Australian Daniel Ricciardo discussed a possible move to Ferrari for the 2021 F1 season recently, but has announced he will be racing for the McLaren team from next year instead.
Our overall technical outlook is Very Bullish in here.
Ferrari finished Friday at 168.71, +2.02 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 now considered defensive in the sector.
Have a healthy weekend, Keep the Faith!