Everything We Know About the Virgin Galactic SpaceShipTwo Crash

File Photo: Virgin Galactic’s private SpaceShipTwo spacecraft flies over the San Francisco Bay in San Francisco, California, U.S., on Wednesday, April 6, 2011. David Paul Morris/Bloomberg via Getty Images

What’s Going On?

During a test flight over the Mojave Desert today, Virgin Galactic’s spaceship suffered a “serious anomaly” and crashed.

Two pilots were on board the plane, as is typical during test flights, and media reports claim that one parachute was seen on the ground. The California Highway Patrol is reporting one fatality, according to the AP.

Photos posted on social media show a significant debris field with parts of the plane scattered across the desert.

What’s happening now?

Local authorities from the Kern County Fire Department are conducting search and rescue operations and Virgin Galactic issued a statement saying it “will work closely with relevant authorities to determine the cause of this accident” and provide updates soon.

Virgin Galactic founder Richard Branson is en route to Mojave and the FAA said in a statement that it is investigating the incident.

Today was the 55th time SpaceShipTwo had flown, and the 35th time the vehicle flew on its own, detached from the airplane that carries it airborne. It was only the fourth time SpaceShipTwo had actually fired its rocket, but the first time the ship had used a new polyamide-based rocket fuel—effectively a plastic-based fuel rather than the rubber-based fuel that had been used previously.

Joel Glenn Brenner, a journalist speaking on CNN today, said that the SpaceShipTwo rocket engine appeared to have burned for two seconds after ignition and then stopped in what may have been a hard start. The vehicle engine then restarted and exploded.

And what next?

The first concern of everyone involved is the status of the pilots and one pilot has been taken to the hospital with serious injuries.

At takeoff, SpaceShipTwo hangs beneath a double-hulled carrier plane named WhiteKnightTwo, which resembles a catamaran. WhiteKnightTwo flies up to roughly 50,000 feet before dropping SpaceShipTwo, which then fires up its own rocket engine to fly vertically, out of the atmosphere.

The vehicles took off from the Mojave Air and Space Port, where Virgin Galactic is based, at 9:19AM PDT, following a three-hour delay to allow bad weather to clear. SpaceShipTwo experienced a “serious anomaly” just minutes into its rocket-powered flight. A tweet by Virgin Galactic indicated that SpaceShipTwo had successfully fired its rocket and was traveling under its own power.

Because the space plane broke up at a very high altitude, the debris field will be widely scattered across the desert making the reconstruction of the aircraft particularly difficult.

Virgin Galactic has scheduled a press conference for later this afternoon and this post will be updated as additional information becomes available.

The Best London Neighborhoods for Spotting Supercars

A Bentley outside Harrods in Knightsbridge in London as August sees hundreds of super-rich Middle Easterners flying in from countries such as Saudi Arabia, Kuwait and Qatar. Philip Toscano/PA Wire

A Bentley outside Harrods in Knightsbridge in London as August sees hundreds of super-rich Middle Easterners flying in from countries such as Saudi Arabia, Kuwait and Qatar.

Philip Toscano/PA Wire

Crowds gather around a Bugatti Veyron bearing a Dubai plate outside Harrods in Knightsbridge, London. Picture date: Saturday August 16, 2014. Laura Lean/PA Wire

Crowds gather around a Bugatti Veyron bearing a Dubai plate outside Harrods in Knightsbridge, London. Picture date: Saturday August 16, 2014.

Laura Lean/PA Wire

A Rolls Royce bearing registration plates from the Kingdom of Saudi Arabia parked outside Harrods department store, Knightsbridge. Picture date: Wednesday August 6, 2014. Jonathan Brady/PA Wire

A Rolls Royce bearing registration plates from the Kingdom of Saudi Arabia parked outside Harrods department store, Knightsbridge. Picture date: Wednesday August 6, 2014.

Jonathan Brady/PA Wire

A Ferrari outside the Berkley Hotel in London. Picture date: Monday August 18, 2014. Philip Toscano/PA Wire

A Ferrari outside the Berkley Hotel in London. Picture date: Monday August 18, 2014.

Philip Toscano/PA Wire

A Lamborghini parked outside the Dorchester hotel in London. Picture date: Monday August 18, 2014. Philip Toscano/PA Wire

A Lamborghini parked outside the Dorchester hotel in London. Picture date: Monday August 18, 2014.

Philip Toscano/PA Wire

Detail on a Lamborghini Aventador bearing a Qatari plate outside Harrods in Knightsbridge, London. Laura Lean/PA Wire

Detail on a Lamborghini Aventador bearing a Qatari plate outside Harrods in Knightsbridge, London.

Laura Lean/PA Wire

A Pagani Huayra bearing Arabic inscribed registration plates parked outside Harrods department store, Knightsbridge. Picture date: Wednesday August 6, 2014. Jonathan Brady/PA Wire

A Pagani Huayra bearing Arabic inscribed registration plates parked outside Harrods department store, Knightsbridge. Picture date: Wednesday August 6, 2014.

Jonathan Brady/PA Wire

A Hamann Range Rover oustide the Park Tower Hotel in Knightsbridge in London, where August sees hundreds of super-rich Middle Easterners flying in from countries such as Saudi Arabia, Kuwait and Qatar. Picture date: Wednesday August 6, 2014. Philip Toscano/PA Wire

A Hamann Range Rover oustide the Park Tower Hotel in Knightsbridge in London, where August sees hundreds of super-rich Middle Easterners flying in from countries such as Saudi Arabia, Kuwait and Qatar. Picture date: Wednesday August 6, 2014.

Philip Toscano/PA Wire

Do you like looking at incredibly expensive cars driving incredibly slowly? Head for London. Anyone who’s spent much time in the wealthier areas of the iconic city has seen tons of Bentleys and Ferraris, Lamborghinis and Zondas driving through the centuries-old cobblestone streets.

Many of London’s supercars are shipped up from the Persian Gulf to accompany their uber-wealthy owners heading to England for the summer or to attend university. Many are, to put it mildly, covered in bling. Outrageous paint jobs are seemingly de rigeur, and metallic gold cars are a common sight.

There are even entire websites showcasing the supercars of London, and the annual arrival of the Middle Eastern-registered cars in London is worthy of international news coverage.

For tourists more interested in car spotting than the history of the White Tower, the best place to post up is in Knightsbridge, around the famous Harrod’s department store, which is owned by the sovereign wealth fund of Qatar. But now, thanks to a new report from luxury car-financing company Oracle Finance, we have a breakdown of which of the city’s neighborhoods are home to the most supercars, based on where its customers live.

The top result is Richmond, a very wealthy town in southwest London, where nearly one in five Oracle-financed supercars are located. Other hot supercar neighborhoods according to Oracle include Notting Hill (of Hugh Grant fame), Harrow, Hoxton, and Kilburn. You can see the full list here.

Fiat Is Selling Ferrari. What’s the Worst That Could Happen?

Ferrari is being sold by parent company Fiat. We’re kind of worried about what happens next. Ferrari

After 45 years as part of Fiat, Ferrari is striking out on its own. Fiat Chrysler announced yesterday it will spin off the famous brand, offering 10 percent of outstanding shares to the public and reserving the rest for current shareholders.

Fiat Chrysler shareholders certainly approved of the deal, with FCAU shares rising more than 12 percent yesterday following the announcement, but brand aficionados (including us) are concerned about what could happen to a publicly traded Ferrari.

We don’t have any information yet on who might plunk down the cash for a piece of one of the most famous companies on the planet, but to be honest, we’re kind of worried. Ferrari’s been doing great things under the Fiat umbrella, and new ownership could take things in a very different direction. There are a number of potential outcomes that we can think of, including some that are … a little farfetched. Regardless, here are the six worst things that could happen to an independent Ferrari.

Introducing the New Ferrari SUV

In recent years, Ferrari has been very successful, with models like the 458 Italia and the all-wheel-drive FF particularly well received. Part of its strategy has been to value exclusivity and scarcity over volume, so it’s been selling just 7,000 cars a year or so—keeping supply well short of meeting demand. That strategy led to tension with Fiat head honcho Sergio Marchionne, and it might not fly at all when the new bosses come in.

Ferrari’s focus on amazing sports cars has served it well to this point. But once it needs to stand on its own, answering directly to shareholders, it may not be able to keep its laser-like focus. It could follow the example of Porsche, which has had tremendous success recently by cranking up volume and moving away from its heritage, with sporty cars that are also practical for getting around. Last year, it sold nearly twice as many Cayenne SUVs as sports cars. Lamborghini and Bentley are bending to market demands too, offering SUVs (without big volume expansions).

But no SUV, no matter how sexy—and Lambo’s Urus is admittedly gorgeous—would look right with the prancing horse on the side.

We really don’t want to see Ferrari try its own version of the Porsche Macan SUV. Porsche

The Newest Division of Toyota

Then there’s the possibility that Ferrari gets snatched up by another automaker, like Porsche’s move on Volkswagen a few years back. We can think of a few companies without luxury brands that might be interested in Ferrari, though a hostile takeover is a long-shot. The Ferrari family will still own some 10 percent of the company. Another 80 percent will stay with current Fiat-Chrysler shareholders, including large chunks owned by Fiat’s founding family, the Agnellis, as well as Fiat-Chrysler CEO Sergio Marchionne.

Goodbye Formula One

Then there’s Ferrari’s legendary Formula One team, which, despite historic glory, hasn’t won a Constructors’ Championship since 2008 and hasn’t fielded a Drivers’ Champion since 2007. Reports suggest Ferrari generates nearly $400 million in yearly revenue from its Formula One team between race winnings, sponsors, and merchandising, and it’s the only team that has competed in every year of F1, going back to the 1950s. The thought of Ferrari leaving Formula One is unthinkable—unless it decides it’s not worth staying in.

Ferrari only started selling cars to finance its racing teams, but priorities have since flipped. For a profit-minded company, why bother racing if it loses money? Ferrari’s brand is as strong as it’s ever been and we can see getting rid of the F1 team and all the drama and distraction that goes with it as something a profit-minded activist investor like Carl Icahn might insist on.

We don’t want to see Ferrari abandon F1. Ferrari

Hello NASCAR!

After he was pushed out of the company last month, Ferrari Chairman Luca de Montezemalo said Ferrari was now an “American” company (it didn’t sound like a compliment). What do American car companies do? Why, compete in NASCAR, of course. Dodge dropped out of the sport following the 2012 season, so that leaves a spot open for the Prancing Horse. It would definitely appeal to the American heartland and could cement Ferrari’s place as an American motorsports icon.

AMERICA! Okay, probably not.

Lame Hybrids

Right now, Ferrari cars are lumped in with Fiats when it comes to meeting America’s exacting CAFE fuel economy standards, which demand that a company’s cars yield 34.1 mpg by 2016, and 54.5 mpg by 2025. Standing on its own, without smaller vehicles to offset the terrible fuel economy of cars like the 458 Italia (15 mpg) and the California (16 mpg), Ferrari might have to sell some hybrids. And not brain-meltingly fast hybrids like the LaFerrari supercar. Boring hybrids. Like the Prius. Shudder.

RIP Ferrari

Of course, the absolute worst case scenario is that Ferrari goes under. It’s hard out there for a carmaker, and without deep pockets bankrolling expensive research and development, it’s possible a global recession and some mismanagement could send the company into bankruptcy.

While it’s surely likely that in such a scenario someone would come along to snap up the company, especially at a fire sale price, it would nevertheless be a tragic end to such a storied firm. Let’s hope it doesn’t come to that.

Don’t Give Up Hope

We don’t actually think any of these are going to happen (though Ferrari joining NASCAR would be epic, if questionable). Ferrari’s leadership will most likely be mindful of the company’s heritage, especially with Pierro Ferrari, Enzo’s only living son, still involved as vice chairman.

“It is an iconic and venerable brand that can and should exist on its own,” says Ferrari enthusiast, Shark Tank star, and LaFerrari owner Robert Herjavec. “Ferrari inherently understand the philosophy of creating desire and by nature that is limited,” regardless of a need to make a profit.

We look forward to seeing what’s next from Maranello, though we’ll have our fingers crossed.

What are your worst-case scenarios for an independent Ferrari? Could this actually mark the dawn of a new, glorious era for the company? Let us know in the comments section.