Ferrari is the world's most powerful brand according to Brand Finance. 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.
Fiat S.p.A. acquired 50% of Ferrari in 1969 and expanded its stake to 90% in 1988. In October 2014 Fiat Chrysler Automobiles announced its intentions to separate Ferrari from FCA; as of the announcement FCA owned 90% of Ferrari. The separation began in October 2015 with a restructuring that established Ferrari N.V. (a company incorporated in the Netherlands) as the new holding company of the Ferrari group and the subsequent sale by FCA of a 10% of the shares in an IPO and concurrent listing of common shares on the New York Stock Exchange. Through the remainings steps of the separation, FCA's interest in Ferrari's business was distributed to shareholders of FCA, with a 10% continuing to be owned by Piero Ferrari. The spin-off was completed on January 3, 2016.
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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). 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 literally means "Ferrari Stable" and is usually used to mean "Team Ferrari." Ferrari bought, prepared and fielded Alfa Romeo racing cars for gentlemen drivers. In 1933 Alfa Romeo withdrew its in-house racing team and Scuderia Ferrari took over as its works team: the Scuderia received Alfa's Grand Prix cars of the latest specifications 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; therefore the Scuderia Ferrari was disbanded.
Scuderia Ferrari won a Formula One driver's title in 2007, with Kimi Räikkönen.
In September 1939 Enzo Ferrari left Alfa Romeo under the provision that he would 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. 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 and subsequently rebuilt including a works for road car production.
The first Ferrari-badged 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. The Scuderia Ferrari name was resurrected to denote the factory racing cars and distinguish them from those fielded by customer teams.
LaFerrari at the Geneva Motor Show 2013
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 honor 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).
Ferrari 458 Speciale at Geneva Motor Show 2014
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.
On 29 October 2014, the FCA group, resulting from the merger between manufacturers Fiat and Chrysler, announced the split of its luxury brand, Ferrari. The aim is to turn Ferrari into an independent brand which 10% of stake will be sold in an IPO in 2015. Ferrari officially priced its initial public offering at $52 a share after the market close on October 20, 2015.
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