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The following from the web:
I belive we perhaps have a little mixup here between "Lancia Hi.Fi." club, the letter HF and the little elephant. Let's start with the elephant. Scureia Lancia competed in Giro di Sicily 1952. They used Aurelia Serie 2 with a lowered roof line. One of the drivers - Enrico Anselmi - had used an elephant as a "sign" on his car for some years. He allowed the Lancia team to use "his" elephant. That was the first time the elephant was used on a Lancia competition car.
Lancia Squadra Corsa started 1965 with Cesare Fiorio as a "freelance" manager. This team used the little "running" red elephant on their cars in combination with the letter "HF"
 

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i found this theory ;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 as now in bright red.
 

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I always thought it was something to do with Lancia taking part in an Alpine rally back in the day and adopting the Elefantino Rosso symbol in homage to Hannibal taking elephants over the alps in ancient history...

Don't remember where I heard (herd - geddit?) that theory though.

Levi :)
 
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