Ferrari is an Italian car manufacturer founded in 1929 by Enzo Ferrari, which manufactures Formula 1 cars, racing cars and high-performance sports cars. Ferrari is the world's most famous manufacturer of racing cars and sports cars. In the early days, Ferrari sponsored drivers and produced racing cars, and then became independent in 1947, when it became the car manufacturer it is today. FIAT owns 90% of Ferrari, but Ferrari is able to operate independently of FIAT. The majority of Ferrari cars are handmade and thus production is low. In 2011, Ferrari delivered 7,195 new cars, the best sales in Ferrari's history. The company's headquarters are in Modena, Italy.