Ferrari was founded by Enzo Ferrari in 1929 and is based in Maranello, Italy. It manufactures high-performance sports cars and supplies racing cars to other teams. Ferrari focuses its technology investment in Formula 1 racing, which is its heritage. It has the largest budget in F1 racing at $295 million. Ferrari sells around 4,300 sports cars per year, with prices between $140,000-$260,000. In 2013, Ferrari's revenue was €2.3 billion, a 5% increase over 2012, with net profit of €246 million, up 5.4%.