Founded by Enzo Ferrari in 1939 as Auto Avio Costruzioni, Ferrari built its first car in 1940. However the company’s inception as an auto manufacturer is usually recognized in 1947, when the first Ferrari-badged car was completed.
Fiat acquired 50 percent of Ferrari in 1969 and expanded its stake to 90 percent in 1988. In October 2014 Fiat Chrysler Automobiles announced its intentions to separate Ferrari from FCA; as of the announcement FCA owned 90 percent of 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.