Ferrari S.p.A. is an Italian sports car manufacturer based in Maranello, Italy. 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 as Ferrari S.p.A. in 1947. In 1969, Fiat S.p.A became a shareholder of Ferrari and now its majority owner. Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One. Ferrari road cars are generally seen as a symbol of speed, luxury and wealth.