errari 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 in 1947. Fiat acquired 50% of Ferrari in 1969 and expanded its stake to 90% in 1988.[4] Ferrari is the world's most powerful brand according to Brand Finance.[5] In May 2012 the 1962 Ferrari 250 GTO became the most expensive car in history, selling in a private transaction for $38,115,000 to American communications magnate Craig McCaw.[6] In 2014 Fiat announced its intentions to sell a portion of its share in Ferrari; as of the announcement Fiat owned 90% of Ferrari.[7][8][9] In July 2015, it was announced that 10% of the company would be offered up for public sale in an IPO, with 80% of the company being distributed to shareholders of Fiat Chrysler Automobiles, and the remaining 10% continuing to be owned by Piero Ferrari.[10]
Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One, where it is the most successful racing team, holding the most constructors championships (16) and having produced the highest number of winning drivers (15).[11] 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 in 1929, with headquarters in Modena. Scuderia Ferrari (pronounced [skudeˈriːa]) literally means "Ferrari Stable" and is usually used to mean "Team Ferrari." Ferrari prepared and fielded Alfa Romeo racing cars for amateur drivers. In 1933 Alfa Romeo withdrew its in-house racing team and appointed Scuderia Ferrari as works team. Enzo Ferrari received latest specifications Monopostos and fielded many famous drivers such as Tazio Nuvolari and Achille Varzi. In 1938 Alfa Romeo brought its racing operation again in-house, forming Alfa Corse in Milano and hired Enzo Ferrari as manager of the new racing department. At the same time the Scuderia Ferrari was disbanded.
In September 1939, Enzo Ferrari left Alfa Romeo under the provision that he did not use the Ferrari name in association with races or racing cars for at least four years.[13] A few days later he founded Auto Avio Costruzioni, headquartered in the facilities of the old Scuderia Ferrari.[14] The new company ostensibly produced machine tools and aircraft accessories. In 1940 Ferrari did in fact produce a race car – the Tipo 815, based on a Fiat platform – in the non-competition period. It was the first Ferrari car and 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.
