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Ferrari – The Most Powerful Italian Luxury Sports Cars ManufacturerFriday 2 October 2015
Ferrari – The Most Powerful Italian Luxury Sports Cars Manufacturer ⇒ 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 in 1947. Fiat acquired 50% of Ferrari in 1969 and expanded its stake to 90% in 1988. Ferrari is the world’s most powerful brand according to Brand Finance.
In May 2012 the 1962Ferrari 250 GTO became the most expensive car in history, selling in a private transaction for $38,115,000 to American communications magnate Craig McCaw. In 2014 Fiat announced its intentions to sell a portion of its share in Ferrari; as of the announcement Fiat owned 90% of Ferrari. 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% continue to be owned by Piero Ferrari.
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 and having produced the highest number of winning drivers. Ferrari road cars are generally seen as a symbol of speed, luxury and wealth.
⇒ See also – THE BRITISH HOUSE OF BURBERRY ⇐
History of the Brand
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. A few days later he founded Auto Avio Costruzioni, headquartered in the facilities of the old Scuderia Ferrari. 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 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. In 1960 the company was restructured as a public corporation under the name SEFAC S.p.A. (Società Esercizio Fabbriche Automobili e Corse). 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. In 1989 the company was renamed as Ferrari S.p.A. From 2002 to 2004, Ferrari produced the Enzo, their fastest model at the time, which was introduced and named in honour 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.
Ferrari produces particular cars but this top luxury brand that is also connected to motorsport. Since the company’s beginnings, Ferrari has been involved in motorsport, competing in a range of categories including Formula One and sports car racing through its Scuderia Ferrari sporting division as well as supplying cars and engines to other teams and for one make race series.
The 1940 AAC 815 was the first racing car to be designed by Enzo Ferrari, although it was not badged as a Ferrari model. Scuderia Ferrari has participated in several classes of motorsport, though it is currently only officially involved in Formula One. It is the only team to have competed in the Formula One World Championship continuously since its inception in 1950. José Froilán González gave the team its first F1 victory at the 1951 British Grand Prix.
At the end of the 2006 season, the team courted controversy by continuing to allow Marlboro to sponsor them after they, along with the other F1 teams, made a promise to end sponsorship deals with tobacco manufacturers. A five-year deal was agreed and although this was not due to end until 2011, in April 2008 Marlboro dropped their on-car branding on Ferrari.
When the championship format changed in 1962, Ferrari earned titles in at least one class each year through to 1965 and then again in 1967. Ferrari would win one final title, the 1972 World Championship of Makes before Enzo decided to leave sports car racing after 1973 and allow Scuderia Ferrari to concentrate solely on Formula One.
During Ferrari’s seasons of the World Sportscars Championship, they also gained more wins at the 24 Hours of Le Mans, with the factory team earning their first in 1954. Another win would come in 1958, followed by five consecutive wins from 1960 to 1964. Luigi Chinetti’s North American Racing Team (NART) would take Ferrari’s final victory at Le Mans in 1965.
Although Scuderia Ferrari no longer participated in sports cars after 1973, they have occasionally built various successful sports cars for privateers. These include the BB 512 LM in the 1970s, the 333 SP which won the IMSA GT Championship in the 1990s, and currently the 458 GT2 and GT3 which are currently winning championships in their respective classes. Throughout its history, Ferrari has supplied racing cars to other entrants, aside from its own works Scuderia Ferrari team.
In the 1950s and ’60s, Ferrari supplied Formula One cars to a number of private entrants and other teams. One famous example was Tony Vandervell’s team, which raced the Thinwall Special modified Ferraris before building their own Vanwall cars. The North American Racing Team’s entries in the final three rounds of the 1969 season were the last occasions on which a team other than Scuderia Ferrari entered a World Championship Grand Prix with a Ferrari car. Ferrari supplied cars complete with V8 engines for the A1 Grand Prix series, from the 2008-09 season. The car was designed by Rory Byrne and is styled to resemble the 2004 Ferrari Formula one car.
Ferrari currently runs a customer GT program for a racing version of its 458 model and has done so for the 458’s predecessors, dating back to the 355 in the late 1990s. Such private teams as the American Risi Competizione and Italian AF Corse teams have been very successful with Ferrari GT racers over the years. This car, made for endurance sportscar racing to have competed against such racing versions of the Audi R8, McLaren MP4-12C, and BMW Z4 has proven to be successful, but not as successful as its predecessor, the F430. The Ferrari Challenge is a one-make racing series for the Ferrari 458. The FXX is not road legal and is therefore only used for track events. Throughout its history, Ferrari has supplied racing cars to other entrants, aside from its own works Scuderia Ferrari team.
The company’s loftiest efforts have been in the supercar market. The 1962 250 GTO may be considered the first in the line of Ferrari supercars, which extends to the recent LaFerrari model. Ferrari has produced a number of concept cars, such as the Ferrari Mythos. While some of these were quite radical (such as the Ferrari Modulo) and never intended for production, others such as the Ferrari Mythos have shown styling elements which were later incorporated into production models. The most recent concept car to be produced by Ferrari themselves was the 2010 Ferrari Millechili.
A number of one-off special versions of Ferrari road cars have also been produced, commissioned to coachbuilders by wealthy owners. Recent examples include the Ferrari P4/5 by Pininfarina and the Ferrari 612 Kappa.
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Source: Club Delux