The F92A featured a carbon-fibre and honeycomb composite chassis and was most notable for its "double-flat bottom" floor, an aerodynamic innovation intended to produce high levels of downforce. It was also the first Ferrari to utilize a "raised nose" design to improve underfloor airflow. The car was powered by a longitudinally-mounted 65° V12 engine, the Ferrari E1 A92 (040), which developed between 730 and 750 bhp at up to 15,000 rpm. It utilized a seven-speed semiautomatic sequential gearbox, Goodyear Eagle Radial Slicks, and Brembo carbon-fibre disc brakes.
Despite its competitive downforce, the car's performance was severely hampered by an engine issue known as "blow-by." This phenomenon caused the pistons to pump oil from the bottom of the sump, leading to a loss of approximately 50 bhp and frequent engine failures. To combat this, the team installed a second oil tank that drivers, such as Alesi, would manually trigger via a "P-ON" button to transfer oil into the engine during a race. Because Ferrari historically discouraged criticism of its engines, the car's difficulties were publicly attributed to the chassis being too difficult to drive.
An updated version, the F92AT, was introduced during a test at the Autodromo Nazionale Monza in August 1992 and debuted at the Belgian Grand Prix. This revision featured a seven-speed transverse gearbox, a more rigid engine mounting system, modified front suspension, and an updated underwing. The version driven by Larini also served as Ferrari's first attempt at an active suspension system. However, this system added a 30 kg weight penalty, which limited Larini's competitiveness; he finished 12th and 11th in his two outings.
The F92A earned a total of 21 points during the 1992 season, with Jean Alesi securing the car's best results with two third-place podiums. Alesi also recorded a fourth-place finish in the Australian Grand Prix and fifth in the German Grand Prix. Ivan Capelli, who was sacked before the end of the season, later described the F92A as the worst Formula One car he ever raced.
Following the season, Ferrari president Luca di Montezemolo gifted Alesi his F92A after Niki Lauda intervened on the driver's behalf during contract negotiations. Alesi performed a final test at the Fiorano Circuit before keeping the car in his personal collection for over 30 years. In 1992, the F92A was also used by Alessandro Nannini at Fiorano for his first Formula One test since his 1990 helicopter accident.
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