With the matte-green 599 hybrid concept on display at the Ferrari booth at the Geneva Auto Show, the Italian exotic automaker didn’t have a lot to say about it, but the company’s CEO did make an important remark about the future of Ferrari hybrids. Luca di Montezemolo commented that the automaker is looking to reduce emissions by up to 35 percent in the next three years and one way it intends to do that is to offer hybrid versions of all of its models in the next three or four years.

The 599 hybrid concept (Vettura Laboratorio HY Kers) is the start of what di Montezemolo called a long project, which is sure to include several updates before it becomes a full production model. The matte-green Ferrari uses a Kinetic Energy Recovery System to give the model an extra boost of electric power – making it an even higher performer. The lithium-ion battery pack for the hybrid system is located low in the car, improving its center of gravity, while not intruding on the passenger compartment. It is hooked up to a dual-clutch 7-speed transmission and adds at least 100 extra hp (as Ferrari insisted every added pound was offset by at least one horsepower).

The electric energy generated under braking also powers the car’s batter and its accessories, and allows the car to run on pure electric power at times (although Ferrari doesn’t say how far or for how long).

See more on the 599 Hybrid Concept after the jump:

Ferrari will show a hybrid concept at the Geneva Auto Show, based on the Italian automaker’s 599 flagship. Ferrari CEO Luca di Montezemolo made the announcement while unveiling the company’s latest Formula One race car. Di Montezemolo also stated that this prototype is slated for production but did not give any timeline.

Ferrari has been known to be working on hybrid technology, a fact the automaker couldn’t deny when patents for a hybrid drivetrain surfaced last year, however, company representatives have said hybrid F-Cars are not in the automaker’s immediate plans.

The 599 Hybrid concept is expected to use a kinetic energy recovery system (KERS) setup similar to the ones designed for Formula One, including a lithium-ion battery pack with electric motors built into the rear transaxle. This setup would allow for regenerative braking, a start-stop function and an electric boost capability to add even more acceleration to the 599’s already impressive 620-hp V12 engine. Under city driving it would also help improve mileage by 30 percent. That will be particularly noticeable on such a gas-hungry beast as the 599, which currently only gets 8.7 mpg, bringing it up to 13.8 mpg.

Di Montezemolo made it clear that that while in the past Ferrari lead the charge in getting race car technology to street cars, it now wants to be a pioneer in transferring the efficiencies found at the pinnacle of motorsport to the street.

[Source: AxisofOversteer]

Michael Schumacher has all but traded in his Ferrari red for the silver and black of Mercedes-Benz. According to Ferrari team president Luca di Montezemolo, the retired Formula One superstar told him in a recent phone conversation that there is a, “very, very, very strong possibility,” that he will be behind the wheel of a Mercedes F1 car next season.

Di Montezemolo even said that he had released the seven-time F1 World Champion from any remaining commitments to the Ferrari team, in order to facilitate a seedy and problem free transition to Mercedes.

Reports indicate that the only thing preventing Schumacher from joining Mercedes right now is the condition of his neck, which he injured last year in a motorcycle accident. Fractures from that accent prevented Schumacher from racing in place of Filipe Massa after he was hit in the head by a piece of debris during qualifying for the Hungarian Grand Prix.

Mercedes has said that an official announcement is expected early in the new year.

[Source: AutoCar]

It’s almost not even worth reporting because it is so expected and so obvious, but here goes: Ferrari President Luca di Montezemolo has reportedly confirmed that a roadster version of the company’s new 458 Italia model is on the way.

Surprised? We didn’t think so.

Before the 458, there was the F430 and its Spider variant. And before the F430 there was the 360, and its drop-top brother. And before the 360 there as the 355… See a pattern yet?

But don’t expect the 458 Italia Spider for at least a year or two.

And after that, you don’t exactly have to be Nostradamus to predict a striped-down, light weight motorsports-inspired version of the 458.

GALLERY: Ferrari 458 Italia, Frankfurt Auto Show

[Source: Quattroroute via EuroCarBlog]

Sadly, Michael Schumacher will not return to Formula 1 this weekend, although there is a possibility that the 7 time World Champion will be back in 2010. Schumacher today posted on his personal website that he could not return to the sport after recent testing at Ferrari’s private track in Mugello revealed fractures in his neck from a motorcycle crash earlier this year.

“I am disappointed to the core,” wrote Schumacher. “I am awfully sorry for the guys of Ferrari and for all the fans which crossed fingers for me. I can only repeat that I tried everything that was within my power. All I can do now is to keep my fingers crossed for the whole team for the coming races.” 

So with Schumacher out of the running to replace the injured Felipe Massa for this weekend’s race in Valencia, Spain, Ferrari was left to choose between two less than ideal candidates, Marc Gene or Luca Badoer. Gene hasn’t raced an F1 car since 2004, and it’s been a decade since Badoer last did. Still, today Badoer got the call from Ferrari head Luca di Montezemolo that his services were needed back in the big leagues.

Schumacher’s announcement, however, does not mean that a comeback is impossible; at least according to di Montezemolo who is pushing for a rule change that would allow Ferrari to run three cars in 2010, one of which would be piloted (at least in part) by Schumacher.

[Source: F1Live and AutoSport]

[Photo Credit: Kappakstur]

Ferrari has announced that it will auction off the rights to the very last F430 to roll off the assembly line and donate the proceeds to help citizens of the Abruzzo region that was devastated during the April 6th earthquake in Italy.

Rights to the car will be on the block at a special Ferrari-themed RM Auction this Sunday, however, the car itself will not be built until the end of the year.

The 490hp F430 will come with a special two-tone paint job using the traditional colors (red and blue) of Aquila, the city hardest hit by the earthquake. The owner will then be invited to the Ferrari factory in Maranello to chose the remaining options on the car. Ferrari has said it will toss in several pricey options from its Carrozzeria Scaglietti catalog.

The Italian exotic will come with a certificate signed by Ferrari Chairman, Luca di Montezemolo and a special dedication plaque.

This news also marks the first admission by Ferrari that F430 production will end this year, making the arrival of a concept to succeed the impressive exotic at the Frankfurt Auto Show this Fall almost certain.

Official release after the jump: