Ferrari (NYSE:RACE) F1 Team Boss Mattia Binotto says his team will back a move to delay the Y 2021 rules package for a year, insisting now is not the time to be ‘selfish‘.
Earlier this week, 9 of the current 10 racing teams gave their support to a radical plan to hold back on the Y 2021 rules package due to the coronavirus crisis.
Ferrari did not lend its support during that call, as it wanted more time to consider the implications of the move. Such a change requires unanimous support.
But, ahead of a conference call later Thursday between teams and F1 chiefs, including CEO Chase Carey, Ross Brawn and FIA president Jean Todt, Ferrari has made clear that it will support what is best for the sport overall.
Boss Binotto said: “We will have a conference call with all the other teams, F1 and FIA to discuss the situation and the impact it has not only on this season but also on the next one.
“We must carefully evaluate every aspect and see if it is not really the case to think about possibly postponing the introduction of the new 2021 technical rules.
“In any case, Ferrari is ready to take responsibility for a choice that must be made in the ultimate interest of this sport, it is certainly not the time for selfishness and tactics.”
The emergency proposal being discussed is for teams to homologate their Y 2020 chassis at the end of this year before being allowed some freedom to develop aero parts in Y 2021.
That will then allow further development time for the all-new cars which will now appear in Y 2022.
The delay will help ease the financial strain on teams, who are all expected to take a major hit from the cancellation of races this year.
Ferrari finished at 139.86, or +2.86 Friday in NY, and 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.
Have a healthy weekend, stay home