Ferrari

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Ferrari

Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One, where its team, Scuderia Ferrari, is the series' single oldest and most successful. Scuderia Ferrari has raced since 1929, first in Grand Prix events and later in Formula One, where it holds many records. Historically, Ferrari was also highly active in sports car racing, where its cars took many wins in races such as the Mille Miglia, Targa Florio and 24 Hours of Le Mans, as well as several overall victories in the World Sportscar Championship. Scuderia Ferrari fans, commonly called tifosi, are known for their passion and loyalty to the team. Ferrari is one of the world's strongest brands, and it maintains a brand image built around racing heritage, luxury, and exclusivity. As of May 2023, Ferrari is also one of the largest car manufacturers by market capitalisation, with a value of approximately US$85.5 billion.[7] Late in 1937, Scuderia Ferrari was liquidated and absorbed into Alfa Romeo,[8] but Enzo's disagreements with upper management caused him to leave in 1939. He used his settlement to found his own company, where he intended to produce his own cars. He called the company "Auto Avio Costruzioni", and headquartered it in the facilities of the old Scuderia Ferrari;[1] due to a noncompete agreement with Alfa Romeo, the company could not use the Ferrari name for another four years. The company produced a single car, the Auto Avio Costruzioni 815, which participated in only one race before the outbreak of World War II. During the war, Enzo's company produced aircraft engines and machine tools for the Italian military; the contracts for these goods were lucrative, and provided the new company with a great deal of capital. In 1943, under threat of Allied bombing raids, the company's factory was moved to Maranello. Though the new facility was nonetheless bombed twice, Ferrari remains in Maranello to this day.[1][9]: 45 Enzo Ferrari died in 1988, an event that saw Fiat expand its stake to 90%.[27] The last car that he personally approved—the F40—expanded on the flagship supercar approach first tried by the 288 GTO four years earlier.[28] Enzo was replaced in 1991 by Luca Cordero di Montezemolo, under whose 23-year-long chairmanship the company greatly expanded. Between 1991 and 2014, he increased the profitability of Ferrari's road cars nearly tenfold, both by increasing the range of cars offered and through limiting the total number produced. Montezemolo's chairmanship also saw an expansion in licensing deals, a drastic improvement in Ferrari's Formula One performance (not least through the hiring of Michael Schumacher and Jean Todt), and the production of three more flagship cars: the F50, the Enzo, and the LaFerrari. In addition to his leadership of Ferrari, Montezemolo was also the chairman of Fiat proper between 2004 and 2010.[29]

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