The 166 F2 was inspired by the Ferrari 125 F1 and shared its lineage while introducing an improved, lowered chassis with a longer wheelbase for better cornering stability. Front suspension was independent, while the rear used a rigid axle arrangement that was later replaced by a de Dion axle in 1950. The car was built around Ferrari's 2.0-litre V12 engine — the same unit used in the road-going 166 models, but tuned for competition with three Weber 32DCF twin-barrel carburetors rather than the single carburetor fitted to road versions, lifting power output to approximately 160 hp at 7,000 rpm.
The chassis was a tubular steel lattice structure with a wheelbase of 2,160 mm. Weight stood at 560 kg, and the five-speed gearbox allowed a maximum speed of around 240 km/h. Tyres were supplied by Pirelli.
The Ferrari 166 F2 made its competitive debut at the Florence Grand Prix on September 26, 1948, where French driver Raymond Sommer — nicknamed "the Boar of the Ardennes" — took victory. From that point forward, the car evolved continuously and became increasingly dominant across European Formula 2 racing.
In 1949, Ferrari scored six victories from thirteen races with the 166 F2. By 1950 and 1951, the car — further developed and in the hands of Alberto Ascari, Luigi Villoresi, and Juan Manuel Fangio — claimed thirteen wins from eighteen races. One notable result came at the Grand Prix du Cinquantenaire on the Parc Barbieux circuit in Roubaix, France, in 1950, where car number 10, driven by Raymond Sommer, won after completing 101 laps in 2 hours, 20 minutes, and 21 seconds.
A defining chapter of the 166 F2's story is its role in launching Fangio on the European stage. The car Fangio campaigned was never painted in the traditional Ferrari red but instead wore the blue and yellow colors of the Argentine Automobile Club. His performances in the 166 F2 caught the attention of the European racing establishment and set the stage for the career that would make him the greatest driver of his era.
In 1949, Ferrari produced an evolution designated the 166 FL — standing for Formula Libre — also known as the 166 C America. This variant was developed specifically for competition on the South American continent under Formula Libre regulations, where engine displacement rules were less restrictive. With a Roots-type supercharger, the engine's output climbed to approximately 260–310 hp at 7,000 rpm, more than double the naturally aspirated version's output.
The 166 FL, painted in Argentine blue and yellow, dominated the Temporadas — the series of winter races held in Argentina when the European season was dormant. It was the undisputed queen of the 1950 and 1951 Temporadas, defeating strong opposition from Alfa Romeo, Maserati, and Mercedes-Benz. José Froilán González led the car to victory at the Buenos Aires Grand Prix in 1951. In 1953, Luigi Villoresi and Alberto Ascari added three further wins with the 166 FL, demonstrating the longevity and competitiveness of the design across multiple seasons.
The Ferrari 166 F2 was the first of what became an extensive 166 family of cars. Following it, Ferrari introduced the 166 S sports car, the 166 Inter grand tourer, and the 166 MM sports racer — each building on the foundations laid by the F2 variant. The car's record of victories in the late 1940s and early 1950s helped establish Scuderia Ferrari as a dominant force in European open-wheel racing, a reputation that would only grow through the subsequent Formula One era.