For me, Ferrari needs to get back to its roots. That means: focus on the driver experiences.
1. I would rebadge the California and name it Dino California. It's a car that sits better in line with the old Dino concept: an entry level Ferrari that is a great drivers car but appeals to more people than just racing drivers and has added practicality to boot (pun intented!). There is a lot of cross-over between the Cali and Maserati and it was the same in the '70ies with FIAT and Lancia.
2. I would add a second car to the Dino line with a V6 and Turbo. It would be a coupe and a direct competitor to the 911, and it would be built in similar volumes. It would be light - 1,300kgs max, and it would be adapted to run on bad fuel to cater for the growing Asian markets.
3. The Ferrari line up would be roughly similar to what it is now. 1 V8 car in spyder and coupe form, but it would have an optional V10 engine. 1 V12 sledgehammer car. And 1 car similar to the Scaglietti but with better looks. On top of this of course a supercar to be released in limited numbers.
4. The entire range (with the exception of the 612 equivalent) would shift its focus from trying to be everything at once (luxurious and with driver feel, fast and safe, quiet and loud at the same time, easy to drive but rewarding on the limit, trackday car with iPod interface, etc), to being driver-focused and light. Power would, on the whole, reduce but the engines would become more revvy and more tractable. The V8/V10 car would be 1200kgs, the V12 would be 1500kgs. The 612 equivalent a maximum of 1650kgs. The supercar would target below 1000kgs. It would be faster than an Enzo but a lot greener.
5. Finally, I would make it a regular event (say, every 6 months), to release a rebodied version of one of the Ferrari cars, styled by an independent styling house. Only 5 would be built, for $1 million each. Once every 2 years I would hold an international competition between design universities to style a car that would make it into similar limited production. And I would hold similar competitions for engineering schools as well, to find the new Colombo's, Forghieri's and Lampredi's of this world.
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