Ferrari (NYSE:RACE) officially confirmed rumors that Mercedes driver Lewis Hamilton will join the Ferrari race team after the 2024 Formula 1 season.

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Switch Up: Currently, Ferrari’s top drivers are Charles Leclerc and Carlos Sainz Jr. But, because Leclerc and Ferrari recently agreed to a contract extension, it’s more likely that Hamilton will replace Sainz than Leclerc. 

“In terms of a team-driver pairing, our relationship with Lewis has become the most successful the sport has seen, and that’s something we can look back on with pride,” Mercedes-AMG Petronas Formula 1 Team CEO Toto Wolff said in a statement, per CNBC. “However, we knew our partnership would come to a natural end at some point, and that day has now come.”

Price Action: Ferrari’s stock was up 12.3% to $388.61 at the time of publication Thursday, as the company reported stronger-than-expected earnings before the open. In addition to the Hamilton news, investors seemed pleased with the company’s growth numbers and revenue guidance for 2024. 

Rumor Mill: Sports business reporter Darren Rovell tweeted that Celsius Holdings (NASDAQ:CELH) may step in as a sponsor for Hamilton and Ferrari. That deal is unconfirmed. 

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