Peter Monteverdi was born in Binningen, in the northern Swiss canton of Basel-Landschaft.

In 1961, he built the first Swiss Formula One car, which bore the name MBM (Monteverdi Basel Motoren).

In 1989 Monteverdi bought the Onyx Formula One team after its original backer ran into financial difficulties.

The team's best result was when Stefan Johansson finished in third place at the 1989 Portuguese Grand Prix.

[citation needed] Monteverdi died from cancer on 4 July 1998 in Binningen, in his apartment directly above his own car-assembly workshop.