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Fiat has owned part of Ferrari since 1969 when it bought a 50% stake in the carmaker. Fiat has been Chrysler's parent since right after Chrysler's bankruptcy and government bailout in 2009. Fiat officially took over Chrysler last year as the two companies merged into FCA. Â© 2017 Time Inc.
Finally, after years of financial struggles, Enzo Ferrari sold the company's sports car division to the Fiat group in 1969 in order to help ensure continued financial backing for the foreseeable future. Enzo Ferrari himself retained control of the racing division until his death in 1988 at the age of 90.