MBM was the first Swiss Formula One car and was built in 1961 by Monteverdi Binningen Motors, a Swiss car builder company founded by Peter Monteverdi in 1956, in Binningen, Basel. Peter Monteverdi (himself a racing car driver) abandoned the Formula One car building after a near fatal accident he suffered during a Formula-Libre event, on the Hockenheim track, in 1961. As of the accident Monteverdi turned to the construction of luxury sports and touring cars under the brand “Monteverdi”.