CNBC Business | Horse power?

Horse power?

The market for supercars is stumbling. Will the launch of the California  buck the trend or is Ferrari flogging a dead horse? Kyle Fortune reports

The arrival of a new Ferrari is a big occasion; indeed a huge occasion if you’re a fan of the prancing horse; possibly even life-changing if you’re in the market for one. Yet Ferrari’s timing, on the surface of it, could not have been worse. Revealed to the world’s press back in May, before America’s sub-prime timebomb detonated the greatest banking crisis since the Great Depression, the first production models only came out in October, when red had become the colour  of recession. Ferrari must be kicking itself  for not getting its all-new California out  of the garage earlier. 

Ferrari is adamant though that the California is the right car, even in these financially perilous times. Certainly, the Italian firm is taking a different tack with its new model line. The California is a slightly softer, more comfortable GT that offers customers a less extreme alternative to the F430. Priced between the F430 coupe and Spider, the California is not a bargain in any sense of the word, but it is a new Ferrari for new times: a car that should, Ferrari hopes, attract a large number of conquest customers – including more women than Ferrari’s current 3%–4% female take up.  

But sales of rivals’ cars have slowed dramatically in recent months, Bentley going so far as to put 1,400 of its staff on a three-day week. Even so, Ferrari is confident that the California will succeed, citing less exposure to the US than some rivals. It is also hitting a weak market with a brand new product – surely the must-have for all those oligarchs for whom the €179,000 price tag  is mere bagatelle, whatever the fluctuations of their wider fortunes. 

And the California features a number of firsts from Maranello: most notably, a folding hardtop. The aluminium roof stows away under the generously proportioned rear deck in just 14 seconds; naturally, that’s faster than any of Ferrari’s rivals.  

There’s nothing unusual in a Ferrari featuring a V8, although for the first time the familiar 4.3-litre unit incorporates direct injection for vastly improved economy and emissions. Positioning the engine at the front also makes for a friendlier, less-edgy driving experience than its mid-engined, F430 relative – well, at least as friendly as a car with 460PS at 7,750rpm, a 0–100km/h time of under four seconds and a 310km/h top speed can be.  

The engine’s position also allows Ferrari to call the California car a 2+. It’s ambiguous as to exactly what that ‘+’ refers to, as even though you can specify seatbelts in the back of the beautifully finished interior, it’s cramped in the extreme. You’ll not need that area for luggage either, as, even with the roof stowed, the California offers a very generous boot. Forget such practicalities though, this is a Ferrari, and for all the talk of it being an easier, more comfortable and practical car, it has a reputation to live up to.  

What’s really remarkable is that Ferrari has managed to achieve its mixed brief so convincingly. At the centre of that achievement is Ferrari’s new seven-speed, twin-clutch, paddle-shift transmission. Ferrari isn’t the first to adopt double-clutch technology – it’s been available on humble Volkswagens for several years now. It allows Ferrari to deliver the same rapid-fire shifts customers expect from a paddle-shifter, while also delivering seamless automatic operation – crucial for the more conservative buyers Ferrari hopes to attract. The result is a Jekyll and Hyde character. Drivers get to be feral beast or smooth cruiser depending on their mood. 

Similarly, and like all recent Ferraris, the California has a Manettino dial on its steering wheel, allowing the driver to change the traction control settings quickly and simply. In Comfort mode it’ll nanny you with stability systems, while in Sport you’ll have some scope for lewd handling before intervention. Almost no one will turn all the systems off, unless they’re Michael Schumacher, the seven-time F1 champion who helped to develop the California.  

He’s done a phenomenal job, too. The California is beautifully balanced, even at its extremes of grip and traction, and although the steering could do with a touch more feel, the car rides with amazing composure and precision, particularly if you’ve specified Ferrari’s sensational magnetic damping system. Speaking of efficiency, a claimed 13.1l/100km and 305.6g/km of CO2 are very impressive given the performance.  

Not that you’re ever likely to achieve those economy figures – the V8’s luscious noise will tempt you all the way to the tachometer’s 8,000rpm redline. The resulting soundtrack is more cultured than in the F430 yet retains the metallic shriek beloved of the Ferrari fan base.  

However, it’s perhaps a bit too loud for Ferrari’s proposed customers, as are some of the styling cues. This is not an instantly, intuitively pretty car, challenged by glitzy, stacked twin exhausts and heavy rear lines accommodating the ‘practical’ trunk. Yet despite everything, Ferrari still claims a full order book, insisting that any recession will scare off the speculators and reward authentic customers. Maybe red still represents Ferrari after all.  