A group of Fiat racing drivers, including Vincenzo Lancia, and his friend Claudio Fogolin, founded Lancia & C. Fabbrica Automobili on this day in 1906 in Turin, Italy. They found commercial success with their first vehicle, the Tipo 51, a 12 hp that remained in production from 1907 through 1912. Lancia was known for innovation and became the first manufacturer to offer production V4 and V6 engines, as well as independent suspension.
By the end of the 1960s Lancia was losing great sums of money. A bid by Fiat to take over the company was accepted. The company was reorganized and found success in the marketplace after many dominating rally racing performances throughout the 1970s and 1980s.