Ferrari, an iconic Italian luxury sports car manufacturer, is based in Maranello, Italy. Founded in 1939 by Enzo Ferrari, the company built its first car in 1940, adopted its current name in 1945, and began producing road cars in 1947. Ferrari became publicly traded in 1960 and was a subsidiary of Fiat S.p.A. from 1963 to 2014, after which it was spun off from Fiat Chrysler Automobiles in 2016.
Corporate Details:
- Type: Public (S.p.A.)
- Traded as: BIT: RACE, NYSE: RACE
- Headquarters: Maranello and Modena, Emilia-Romagna, Italy
- Key People: John Elkann (Executive Chairman), Piero Ferrari (Vice Chairman), Benedetto Vigna (CEO)
- Products: Sports cars, luxury cars
- 2022 Production Output: 13,221 units shipped
- 2022 Revenue: €5.095 billion
- Employees: 4,571 (2021)
Ownership and Structure: Major shareholders include Exor N.V. (24.21%), Piero Ferrari (10.30%), and public ownership (65.49%). Ferrari also owns the prestigious Scuderia Ferrari S.p.A. racing team.
History and Development: Enzo Ferrari founded Scuderia Ferrari as a racing team in 1929, which later became Alfa Romeo’s unofficial representative on the track. Ferrari’s first car, the Auto Avio Costruzioni 815, was produced in 1940. The company shifted to Maranello in 1943 and built its first V12 engine for the 125 S, marking the start of Ferrari’s legacy in both racing and luxury road cars.
Racing Heritage: Scuderia Ferrari, Ferrari’s racing team, is the oldest and most successful team in Formula One history, with numerous drivers’ and constructors’ championships. They’ve also achieved notable success in sports car racing, particularly in events like the Mille Miglia, Targa Florio, and 24 Hours of Le Mans.
Road Cars: Ferrari’s road cars, known for their luxurious and high-performance features, have evolved from early models like the 166 Inter to contemporary models such as the 812 Superfast, Monza SP1/SP2, F8, SF90 Stradale, Roma, and Purosangue, their first SUV. Ferrari has maintained a tradition of offering personalized vehicles, with bespoke and special editions being a hallmark of the brand.
Motorsport Participation: Ferrari’s involvement in motorsport is a significant aspect of its identity, with participation in various categories including Formula One, sports car racing, and other racing disciplines. The Ferrari Driver Academy grooms young talent for Formula One and other racing series.
Technology and Innovation: Ferrari has been at the forefront of automotive innovation, including developments in bio-fuel, hybrid cars, and unique concepts like the Mythos. The company’s naming conventions, often based on engine displacement and cylinder count, have evolved over the years.
Brand and Corporate Identity: The “Prancing Horse” symbol and the color rosso corsa are synonymous with Ferrari. The company has a strong brand image, meticulously managed through controlled production, exclusive customer relationships, and stringent guidelines on vehicle customization and ownership.
Corporate Affairs: Originally approached by Ford for a buyout in 1963, Ferrari eventually partnered with FIAT in 1969. The company has diversified its brand through merchandising, a museum in Maranello, and the Formula Uomo programme for corporate efficiency and employee satisfaction.
Technical Partnerships: Ferrari has longstanding relationships with companies like Shell Oil for technical development in motorsports and road cars. The company also supplies Formula One engines to other teams.
Sales History: Ferrari’s sales have shown consistent growth, with a total of over 219,062 cars built and sold since 1947. As of 2023, Ferrari has started accepting cryptocurrency payments in the US.
Recalls and Safety: Ferrari has been involved in recalls for issues like passenger airbags and potential brake failure, demonstrating its commitment to customer safety and vehicle reliability.
Global Presence: With about thirty boutiques worldwide and attractions like Ferrari World Abu Dhabi and Ferrari Land in PortAventura World, Ferrari extends its brand beyond automotive products, offering a complete lifestyle experience.