Unfortunately, the cost of the later venture was greater than the company could afford at the time, and although the cars were very competitive, they could not be supported and were handed over to Ferrari in 1955. After this foray into racing, Lancia withdrew it's factory backed vehicles. Lancia then decided to leave racing to its customers.

When Lancia did decide to return to racing in 1963, it was only in a limited form. Lancia decided to back a group of independent enthusiasts, known as HF Squadra Course, to fly the Lancia banner, who rallied, road raced and hill climbed Lancia's.

The eventual merger came with the launch of the legendary Fulvia coupe, and it became the official logo of the Company's sports and racing cars, starting with the 1966 Fulvia HF coupe which remained almost unbeatable on the world rallies, until the mythical Stratos appeared on the scene to dominate rallying.

The HF symbol, the contraction of High Fidelity, owes its origin to the Lancia Hi. Fi. Club, which draws its members from loyal Lancia clients according to strict rules of eligibility which govern membership. The Club was founded in 1960 and the HF was taken as its logo. Cesare Fiorio was one of the founders behind HF Squadra Course and later went onto become Lancia's factory backed competition manager.

There are contrasting stories and legends regarding the origin of this elephant, including the simple "the elephant never forgets". We do know that in 1953 the then Managing Director of Lancia, Gianni Lancia, chose it as a good luck token for the Company's first racing appearances. The symbol of the galloping elephant apparently originates in Eastern mythology as an auspicious emblem or symbol of victory, providing the trunk is stretched forward. This is how the elephant chosen by Gianni Lancia was drawn, first in light blue and later in bright red.