Ferrari - History

Ferrari S.p.A.
Type Subsidiary
Founded 1947
Founder Enzo Ferrari
Headquarters Maranello, Italy
Key people Luca di Montezemolo, Chairman and President
Amedeo Felisa, CEO
Giancarlo Coppa CFO
Jean Todt Former CEO
Industry Automotive
Products Sports cars
Revenue ▲ € 1,668 million (2007)[1]
Employees 2,926 (2007)[1]
Parent Fiat S.p.A.

Ferrari S.p.A. is an Italian sports car manufacturer based in Maranello and Modena, Italy. 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 as Ferrari S.p.A.. Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One, where it has largely enjoyed great success, especially during the 1950s, 1960s, 1970s, late 1990s, and 2000s. After years of financial struggles, Enzo Ferrari sold the company's sports car division to the Fiat group in 1969 to ensure continued financial backing. Enzo Ferrari retained control of the racing division until his death in 1988 at the age of 90. Earlier that year he had overseen the launch of the Ferrari F40; the last new Ferrari to be launched before his death.

Ferrari also has an internally managed merchandising line that licenses many products bearing the Ferrari brand, including eyewear, pens, pencils, perfume, clothing, high-tech bicycles, cell phones, and even laptop computers. Financial Times named Ferrari number one on its 2007 list of the 100 Best Workplaces in Europe.

History of Ferrari

1929–1946
Enzo Anselmo Ferrari never intended to produce road cars when he formed Scuderia Ferrari (literally "Ferrari Stable", usually used to mean "Team Ferrari", it is correctly pronounced "skoo deh REE ah") in 1929 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 officially hired by Alfa to head their racing department.

In 1940, Alfa Romeo was absorbed 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 when the war ended, and included a works for road car production. Until Il Commendatore's death, this would remain little more than a source of funding for his first love, racing.

1947-Present
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 the Scuderia. While his beautiful and fast cars quickly gained a reputation for excellence, Enzo maintained a famous distaste for his customers, most of whom he felt were buying his cars for the prestige and not the performance.

Ferrari road cars, noted for styling by design houses like Pininfarina, have long been one of the ultimate accessories for the wealthy. Other design houses that have done work for Ferrari over the years include Scaglietti, Bertone, Touring, Ghia, and Vignale.

In 2005, four universities were granted the opportunity to design the next vehicle line-up for Ferrari in a student competition named 'Ferrari Concepts of the Myth'. Twenty winners were allowed to show off their concepts in a ¼ scale model and present their work to the board at Ferrari to allow for three winners to have the chance to work in the Ferrari design studio at Maranello.

As of 2007, the Fiat Group owns 85% of Ferrari, Mubadala 5%, and Enzo's son Piero 10%. Fiat has shelved plans for an IPO because Fiat Auto has now returned to profitability, thus removing pressure from the group. Luca di Montezemolo was a former CEO of Ferrari, until handing over duties to former Ferrari Formula 1 chief Jean Todt.

Jean Todt resigned from the CEO position as of March 2008, but will remain on the board and continue to participate in the Ferrari organization. He was replaced by Amedeo Felisa.

In late 2007, construction began on the theme park Ferrari World in the United Arab Emirates, the first theme park based on and utilizing the Ferrari brand.