Industry News from Yes Insurance

The new Ferrari California was launched in recent days with more than 1,000 guests from around the world present at the event.

Among them was Arnold Schwarzenegger, governor of the state the new vehicle takes its name from, who thanked the manufacturer for its charitable work.

Other famous faces present at the launch's linked event in Maranello included driving legend Michael Schumacher - who has been involved in the development of the model since the early stages of its design - who outlined the car's sporty qualities and flexibility.

Scuderia Ferrari drivers Kimi Raikkinen and Felipe Massa were also present, driving the vehicle into a charity auction in the new Ferrari building - designed by Jean Nouvel - which was surrounded by images from the history of the Prancing Horse brand.

Luca di Montezemolo, president of the organisation, presented the eight-cyliner vehicle to the assembled crowd.

The public sale saw the vehicle sold for $520,000 (£282,409).

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