Ferrari S.p.A. is an Italian luxury sports car manufacturer based in Maranello. Founded by Enzo Ferrari in 1929, as Scuderia Ferrari, the company sponsored drivers and manufactured race cars before moving into production of street-legal vehicles as Ferrari S.p.A. in 1947. Fiat acquired 50% of Ferrari in 1969 and expanded its stake to 85% in 2008.
In 2014 Fiat announced its intentions to sell its share in Ferrari, as of the announcement Fiat owned 90% of Ferrari. Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One, where it has had great success. Ferrari road cars are generally seen as a symbol of speed, luxury and wealth.
Enzo Ferrari was not initially interested in the idea of producing road cars when he formed Scuderia Ferrari (literally "Ferrari Stable", and usually used to mean "Team Ferrari", it is correctly pronounced [skudeˈriːa]) in 1928 as a sponsor for amateur drivers headquartered in Modena. Ferrari prepared, and successfully raced, various drivers in Alfa Romeo cars until 1938, when he was hired by Alfa Romeo to head their motor racing department.
In 1941, Alfa Romeo was confiscated by the fascist government of Benito Mussolini as part of the Axis Powers' war effort. Enzo Ferrari's division was small enough to be unaffected by this. Because he was prohibited by contract from racing for four years, the Scuderia briefly became Auto Avio Costruzioni Ferrari, which ostensibly produced machine tools and aircraft accessories. Also known as SEFAC (Scuderia Enzo Ferrari Auto Corse), Ferrari did in fact produce one race car, the Tipo 815, in the non-competition period.
In 1941, Alfa Romeo was confiscated by the fascist government of Benito Mussolini as part of the Axis Powers' war effort. Enzo Ferrari's division was small enough to be unaffected by this. Because he was prohibited by contract from racing for four years, the Scuderia briefly became Auto Avio Costruzioni Ferrari, which ostensibly produced machine tools and aircraft accessories. Also known as SEFAC (Scuderia Enzo Ferrari Auto Corse), Ferrari did in fact produce one race car, the Tipo 815, in the non-competition period.
It was the first actual Ferrari car (it debuted at the 1940 Mille Miglia), but due to World War II it saw little competition. In 1943 the Ferrari factory moved to Maranello, where it has remained ever since. The factory was bombed by the Allies in 1944 and rebuilt in 1946, after the war ended, and included a works for road car production.
The first Ferrari road car was the 1947 125 S, powered by a 1.5 L V12 engine; Enzo Ferrari reluctantly built and sold his automobiles to fund Scuderia Ferrari.
Early in 1969, Fiat took a 50% stake in Ferrari. An immediate result was an increase in available investment funds, and work started at once on a factory extension intended to transfer production from Fiat's Turin plant of the Ferrari engined Fiat Dino. New model investment further up in the Ferrari range also received a boost.
In 1988, Enzo Ferrari oversaw the launch of the Ferrari F40, the last new Ferrari to be launched before his death later that year, and arguably one of the most famous supercars ever made. From 2002 to 2004, Ferrari produced the Enzo, their fastest model at the time, which was introduced and named in honor of the company's founder, Enzo Ferrari.
The first Ferrari road car was the 1947 125 S, powered by a 1.5 L V12 engine; Enzo Ferrari reluctantly built and sold his automobiles to fund Scuderia Ferrari.
Early in 1969, Fiat took a 50% stake in Ferrari. An immediate result was an increase in available investment funds, and work started at once on a factory extension intended to transfer production from Fiat's Turin plant of the Ferrari engined Fiat Dino. New model investment further up in the Ferrari range also received a boost.
In 1988, Enzo Ferrari oversaw the launch of the Ferrari F40, the last new Ferrari to be launched before his death later that year, and arguably one of the most famous supercars ever made. From 2002 to 2004, Ferrari produced the Enzo, their fastest model at the time, which was introduced and named in honor of the company's founder, Enzo Ferrari.
It was to be called the F60, continuing on from the F40 and F50, but Ferrari was so pleased with it, they called it the Enzo instead. It was initially offered to loyal and reoccurring customers, each of the 399 made (minus the 400th which was donated to the Vatican for charity) had a price tag of $650,000 apiece (equivalent to £400,900).
On 15 September 2012, 964 Ferrari cars (worth over $162 million (equivalent to £99,950,000)) attended the Ferrari Driving Days event at Silverstone Circuit and paraded round the Silverstone Circuit setting a world record.
Ferrari's former CEO and Chairman, Luca di Montezemolo, resigned from the company after 23 years, and is to be succeeded by Sergio Marchionne, CEO and Chairman of Fiat Chrysler Automobiles, Ferrari's parent company.
On 15 September 2012, 964 Ferrari cars (worth over $162 million (equivalent to £99,950,000)) attended the Ferrari Driving Days event at Silverstone Circuit and paraded round the Silverstone Circuit setting a world record.
Ferrari's former CEO and Chairman, Luca di Montezemolo, resigned from the company after 23 years, and is to be succeeded by Sergio Marchionne, CEO and Chairman of Fiat Chrysler Automobiles, Ferrari's parent company.
