Porsche picks new r&d chief as suspended Hatz quits

UPDATED: 5/3/16 10:15 am ET - adds statement

Porsche AG's supervisory board has appointed Michael Steiner as new head of r&d, replacing Wolfgang Hatz who will leave the sports-car maker at his own request.

Ferrari raises forecast after Q1 profit jumps 19%

Ferrari said net profit rose 19 percent to 78 million euros ($90 million) in the first quarter, its first as an independent company.

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