The F40's origins trace to 1984, when Materazzi proposed to Enzo Ferrari using the Group B 4-litre category (2.8-litre turbocharged) to demonstrate the performance of new road cars. Permission was granted on the condition that development work took place outside normal working hours, and a small weekend team developed the GTO Evoluzione to compete in the same class as the Porsche 959. When the FIA ended Group B for the 1986 season, Ferrari was left with five 288 GTO Evoluzione development cars and no series to enter. A validation driver convinced Enzo Ferrari that Materazzi could adapt the concept into a road car, and Ferrari authorised the project as a legacy vehicle.
The body was designed by Pietro Camardella under the supervision of Aldo Brovarone at Pininfarina. Development began on 10 June 1986, with Enzo Ferrari demanding completion within eleven months for a summer 1987 presentation. Some development work, including bodywork, was carried out at external firms such as Michelotto. The project was completed in thirteen months from inception to launch.
Power came from an enlarged 2,936 cc version of the 288 GTO's twin-turbocharged and intercooled 90-degree V8 engine, producing 478 PS at 7,000 rpm and 577 Nm of torque at 4,000 rpm as stated by the manufacturer. The F40 initially dispensed with a catalytic converter; US emissions regulations required one from 1990. The twin-turbocharged V8 would remain Ferrari's last forced induction engine until the California T of 2014.
The body used panels of Kevlar, carbon fibre, and aluminium. Weight was reduced through polycarbonate windows. The interior was stripped of a sound system, door handles, glove box, leather trim, carpets, and door panels. The first fifty cars used sliding Lexan windows; later production switched to wind-down units. All cars left the factory in Rosso Corsa and left-hand drive, though at least seven were modified to right-hand drive for the Sultan of Brunei at his personal commission. To cope with the 78 PS advantage over the 288 GTO, Pirelli developed the P-Zero tyre specifically for the F40, using Kevlar in the carcass and asymmetric tread patterns drawn from its Formula One experience of 1980-1985.
The car's drag coefficient was Cd 0.34. Independent testing measured 0-100 km/h in 4.7 seconds and a top speed of 321 km/h. A shootout at the Nardo Ring by Auto, Motor und Sport showed both Ferrari cars could reach no more than 321 km/h, placing them behind the Porsche 959 S at 339 km/h and the Ruf CTR at 342 km/h. The F40 could claim the fastest production car title for models built in volumes exceeding 500 units until the arrival of the Lamborghini Diablo.
The F40 was unveiled on 21 July 1987 at the Civic Centre in Maranello, originally planned for Frankfurt but moved forward at Enzo Ferrari's insistence to avoid clashing with Fiat's Alfa Romeo 164 presentation there. The planned production total was 400 units at a factory suggested retail price of approximately US$400,000 — five times the price of the 288 GTO. Speculation drove prices to over seven times the list price by 1989, before the bubble burst. One car previously owned by Nigel Mansell sold for the then-record of £1 million in 1990, a figure that stood into the 2010s. It was estimated in 1990 that only 10 percent of delivered F40s were being driven.
Three competition variants were produced, all prepared by Michelotto of Padua. The F40 LM made its competition debut on 15 October 1989 at Laguna Seca in the IMSA GTO category, driven by Jean Alesi for Ferrari France and finishing third behind two factory-backed Audi 90s. In 1990, Ferrari France contested six of the fourteen IMSA GTO/GTU rounds with guest drivers including Jean-Louis Schlesser, Jean-Pierre Jabouille, Jacques Laffite, and Hurley Haywood, achieving three second places and one third. Nineteen LM cars were produced in total.
The F40 Competizione was a more powerful, non-sponsored variant built in ten examples at customer request. Its upgraded twin-turbocharged V8 was rated at 700 PS at 8,100 rpm, with a reported top speed of around 367 km/h. The F40 GTE (GT Evoluzione) was prepared for the BPR Global GT Series with an engine enlarged progressively from 3.0 litres to 3.5 in 1995 and 3.6 in 1996, producing 620 PS. Seven GTE cars were converted by Michelotto. The GTE campaigned from 1995 to 1996, winning the 4 Hours of Anderstorp in both years. The car's final international GT appearance was 1996, after which it was no longer competitive against the McLaren F1 GTR.
Reaction at the 1987 reveal was mixed. Some observers praised its performance; others criticised it as a cynical attempt to cash in on speculator demand following the rapid appreciation of used 288 GTOs and the Porsche 959. Autocar tested an F40 at Fiorano in 1988 and described it as "scintillatingly fast" on a smooth road, "demanding but not difficult to drive, blessed with massive grip and superb balance." Car and Driver called it "a mix of sheer terror and raw excitement" but found it unsuitable for daily use, describing it as "clunky and cantankerous" around town. Gordon Murray, analysing it for Motor Trend in 1990, criticised the chassis construction as 1950s twin-tube technology and noted flex on circuit. Comparative tests generally concluded that the Porsche 959 was the more technically accomplished car.
Despite the mixed reviews, the F40 became one of the most celebrated Ferraris in the company's history. Evo magazine's 2013 buying guide opened with "For many it's the greatest road-going Ferrari of all." Autocar named it the ultimate car to drive. Ferrari's chief test driver Dario Benuzzi said the combination of light weight and substantial power still made it relevant to passionate drivers. Its status as the last car personally approved by Enzo Ferrari, who died in August 1988, gave it a significance beyond its specification. The F40 marked the end of an era for the company and remains a benchmark for the raw, driver-focused supercar philosophy.
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