Ferrari was founded in 1939 by Enzo Ferrari in Modena, Italy, initially as a racing team before producing road cars in 1947. Ferrari's Formula 1 team — Scuderia Ferrari — is the oldest and most successful constructor in the sport's history. The company went public on the New York Stock Exchange in 2015. Ferrari is distinguished by its policy of limiting production to maintain exclusivity, producing approximately 14,000 vehicles annually globally. In the Philippines, Velocita Motors — a San Miguel Corporation company — delivered 16 new Ferrari units in 2024, the first time the brand's Philippine figures were publicly reported. In Singapore, Ferrari is distributed by Eurokars Group.