Enzo Ferrari, formerly a salesman and racing driver for Alfa Romeo, founded Scuderia Ferrari, a racing team, in 1929. Alfa Romeo supplied racing cars to Ferrari, which amassed some of the best drivers of the 1930s and won many races before the team's liquidation in 1937. In 1939, Enzo Ferrari founded his own company, initially called "Auto Avio Costruzioni," intending to produce his own cars. The company produced a single car, the Auto Avio Costruzioni 815, before World War II.
In 1945, Ferrari adopted its current name. Work started on a new V12 engine for the 125 S, the marque's first car. The company saw success in motorsport almost immediately, with the 125 S winning many races in 1947. Early victories, including the 1949 24 Hours of Le Mans and 1951 Carrera Panamericana, helped build Ferrari's reputation. In 1960, Ferrari was reorganized as a public company. Fiat bought 50% of Ferrari's shares in 1969.
Enzo Ferrari died in 1988, leading Fiat to expand its stake to 90%. The last car he personally approved was the F40. Luca di Montezemolo succeeded Enzo Ferrari in 1991, under whose chairmanship the company greatly expanded. Montezemolo's chairmanship also saw an improvement in Ferrari's Formula One performance, partly through the hiring of Michael Schumacher and Jean Todt. After Montezemolo resigned, Sergio Marchionne oversaw Ferrari's initial public offering and spin-off from Fiat Chrysler Automobiles.
Since its beginnings, Ferrari has been involved in motorsport through its works team, Scuderia Ferrari. Scuderia Ferrari has been continuously active since the very beginning of Formula One. It has fielded fifteen champion drivers, won sixteen Constructors' Championships, and accumulated more race victories than any other team in F1 history. The earliest Ferrari entity, Scuderia Ferrari, was created in 1929 as a Grand Prix racing team.
Ferrari returned to Grand Prix racing in 1947. The team's first homebuilt Grand Prix car, the 125 F1, was first raced at the 1948 Italian Grand Prix. Ferrari's first victory in an F1 series was at the 1951 British Grand Prix. Notable Ferrari drivers from this era include Alberto Ascari and Juan Manuel Fangio. Following a drought, Ferrari saw a long winning streak in the 2000s, largely through the work of Michael Schumacher. After signing in 1996, Schumacher gave Ferrari five consecutive drivers' titles between 2000 and 2004.
Ferrari began racing sports cars in 1947, when the 125 S won six out of ten races. By 1957, Ferrari had won three World Sportscar Championships, seven victories in the Mille Miglia, and two victories at the 24 Hours of Le Mans. This success continued into the first half of the 1960s, with Ferrari winning at Le Mans for six consecutive years. In 2023, Ferrari reentered prototype sports car racing, fielding two 499P sports prototypes in partnership with AF Corse for the FIA World Endurance Championship. The 499P finished first at the 2023 24 Hours of Le Mans, ending Toyota Gazoo Racing's five-year winning streak.
The first vehicle made with the Ferrari name was the 125 S. In 1949, the 166 Inter was introduced, marking the company's move into the grand touring road car market. Road cars became the bulk of Ferrari sales. Early Ferrari road cars typically featured bodywork designed and customized by independent coachbuilders such as Pininfarina and Scaglietti. The Ferrari SF90 Stradale was Ferrari's first series-production road car to feature plug-in hybrid architecture.
Ferrari's symbol is the "Prancing Horse" (Italian: Cavallino Rampante), a prancing black horse on a yellow background. Enzo Ferrari stated that the family of Francesco Baracca, a deceased flying ace, suggested he adopt the horse as a good luck charm. The Prancing Horse was first used by his racing team in 1932, with a canary yellow background, the "colour of Modena," Enzo's hometown. For many years, rosso corsa ('racing red') was the required color of all Italian racing cars and is closely associated with Ferrari.
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