commissioned Gioacchino Colombo the design of a new V12 engine. In December 1946 Ferrari released to the press the specifications and drawings of his new car. 1947–1961 – The beginning The first Ferrari-badged car was the 1947 125 Sport, powered by a 1.5 L V12 engine. On March 12, Enzo Ferrari took the car out for its first test-drive on the open roads. Two examples debuted on 11 May 1947 at the Piacenza racing circuit, driven by Franco Cortese and Nino Farina. This was the first time a Ferrari-badged car was entered in a race. In 1950, Ferrari fielded racing cars in the Monaco Grand Prix, the first World Championship event held there. José Froilán González won the first Grand Prix for Ferrari in 1951, and Alberto Ascari secured Ferrari's first World Drivers' Champions title in 1952, a task he would repeat the following season. In 1957 the company changed its name to Auto Costruzioni Ferrari. The same year, the Dino marque was introduced. 1961 – The great walkout Enzo Ferrari's strong personality had served his company and racing team, Scuderia Ferrari, well for decades. Internal tensions reached boiling point in November 1961. Long-time sales manager Girolamo Gardini had long chafed at the involvement of Enzo's wife, Laura, in the company. The two frequently argued, and their dispute became a crisis for the company when Gardini, together with manager Romolo Tavoni, chief engineer Carlo Chiti, experimental sports car development chief Giotto Bizzarrini, made an ultimatum to Ferrari, demanding the removal of his wife from the company in a letter. As a result, Ferrari called a meeting where Gardini, Tavoni, Chiti, Bizzarrini and a number of others who stood by them were ousted. All were tremendous losses to the company, and many thought this might be the end of Ferrari. Indeed, the defectors immediately formed a new company, ATS, to directly compete with Ferrari on the street and the track, and took with them Scuderia Serenissima, one of Ferrari's best racing customers. This "great walkout" came at an especially difficult time for Ferrari. At the urging of Chiti, the company was developing a new 250-based model to defend its honor against the Jaguar E-Type. Development of this car, the 250 GTO, was at a critical point, with the chassis development and styling left incomplete. Even if the car could be finished, it was unclear if it could be raced successfully without