The car's name encodes its specification: the digit 4 refers to the number of valves per cylinder, 12 to the number of cylinders, and T to the transverse six-speed sequential semi-automatic gearbox. The chassis was constructed from carbon fibre and honeycomb composite, with pushrod suspension using torsion bars at both axles. Chief Aerodynamicist Tony Tyler shaped the bodywork, which featured heavily sculpted sidepods and a rounded nosecone. Goodyear supplied tyres and Agip supplied fuel.
The original engine was the Ferrari E4A-94, designated the Tipo 041, a 3.5-litre 65-degree V12 producing around 750 bhp at 15,300 rpm. A new unit, the Tipo 043, made its debut in qualifying for the 1994 San Marino Grand Prix and was first raced at the German Grand Prix at Hockenheim. Developed by Engine Director Claudio Lombardi together with Osamu Goto, who had previously been Honda's chief F1 engine designer, the Tipo 043 featured a wider vee angle of 75 degrees and a shorter stroke compared with its predecessor. The additional ten degrees of vee width allowed a lower centre of gravity and better packaging. The revised engine produced over 830 bhp at 15,800 rpm and was noted for both its power output and its distinctive exhaust note.
Jean Alesi raced as car number 27 and Gerhard Berger as car number 28 throughout the season. Nicola Larini was called in as a substitute driver at the Pacific Grand Prix and the San Marino Grand Prix; at the latter, Larini finished second — Ferrari's first podium of the year — driving at a circuit and on a weekend overshadowed by the deaths of Roland Ratzenberger and Ayrton Senna.
The car made its competitive debut at the 1994 Brazilian Grand Prix. Across 16 races the team scored one win, 11 podiums, and 3 pole positions, finishing third in the Constructors' Championship with 71 points. The sole victory came at the 1994 German Grand Prix at Hockenheim, where Gerhard Berger drove the 412 T1B — the heavily upgraded late-season specification — to the top step of the podium. It was Ferrari's first win since the 1990 Spanish Grand Prix.
So extensive were the changes applied during 1994 that the later cars were given the designation 412 T1B. Redesigned sidepods and revised aerodynamic surfaces were among the modifications introduced across the season. The mid-year engine upgrade from the Tipo 041 to the Tipo 043 was the most significant mechanical change, and Ferrari drew on the engineering talent recruited from Honda's defunct Formula One programme to develop it.
The 412 T1 succeeded the Ferrari F93A, which had been considered a major step backward for the team. The 412 T1 in turn was replaced by the Ferrari 412 T2 for the 1995 season, which incorporated significant further changes to aerodynamics and safety structures.
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