One of the series of sports car built by Ferrari between May 1994 and 1999 is called the Ferrari F355. The predecessor of the F355 is the Ferrari 348, while its successor is the Ferrari 360. The F355 is powered by a mid-range V8 engine which generates about 380BHP (279.7 KW) @ 8250RMP. The main difference between this 2-seat coupe and the 348 is that the displacement has increased from 3.4L to 3.5L and there is 5-valve per overhead cylinder, two for exhaust and three for intake in the Ferrari 355. Equipped with such a powerful engine, the car can easily reach 0-60 kms in 4.7 seconds and 0-100 kms in just 11.3 seconds. In addition, the Ferrari 355 can reach a maximum speed of 298 km/h (185 mph).

The convertible version called the Spider was introduced in 1995. Ferrari introduced the Formula One style paddle gear-shift transmission and named it the Ferrari 355 F1, in 1998. The F355 Challenge was manufactured specifically for races — especially the Ferrari Challenge race event. The body of the car is made from steel and aluminum, making it light in weight as well as sturdy. The light-forged aluminum alloy piston, generally seen in Formula One cars, drives the crankshaft through titanium alloy con rods.

The Ferrari F355 was designed in an Italian studio called Pininfarina. The car was introduced in two models: fixed-head model known as the Berlinetta, and the Targa-topped GTS. The suspension of this sports car can be adjusted by the driver so that he can alter it to all types of driving conditions. Since the Formula One car was built especially for racing, it was equipped with ventilated Brembo disc brakes, so that the driver can stop the vehicle immediately when required.