Sergio Marchionne News

The 30-year-old German finished behind Mercedes-Amg driver Lewis Hamilton in the 2017 F1 driver standings.

Ferrari could lead other Formula One teams into an alternative championship if the sport becomes too much like the US-based NASCAR series but hope it does not come to that, chairman Sergio Marchionne has said.

Marchionne is unhappy with the sport's proposed 2021 engine rules, which were revealed at the end of October, and has said that Ferrari could leave F1.

The team`s official name from next season will become Alfa Romeo Sauber F1 as part of a multi-year technical and commercial partnership, with the Ferrari-powered cars sporting Alfa`s colours and logo.

Ahead of Formula One's European summer break, championship leader Vettel extended his lead to 14 points over Mercedes' Lewis Hamilton by securing 25 points in Budapest.

Vettel has delayed contract talks to focus on the championship battle, saying there will be plenty of time over the summer, and any haggling is likely to be about money and the number of years.

Quoting two people with knowledge of the email, the Times said it detailed how global carmakers needed to consolidate to save money and suggested a merged GM and Fiat Chrysler would cut billions of dollars in costs and create an automotive giant.

The top job at Ferrari, a high-profile name in Formula One car racing, will be taken over by the head of parent group Fiat, Sergio Marchionne, Fiat said in a statement.

Fiat shareholders today approved the reorganisation of the Italian carmaker's business that will see its headquarters move to the Netherlands before it launches on Wall Street later this year.