Ferrari partnered with Alcoa to produce an entirely new all-aluminium space-frame chassis that was 40% stiffer than its predecessor's which had utilized steel. The design was 28% lighter despite a 10% increase in overall dimensions. Along with a lightweight frame the new Pininfarina body styling deviated from traditions of the previous decade's sharp angles and flip-up headlights. The new V8 engine utilises a 3.6-litre capacity, a flat-plane crankshaft, and titanium connecting rods. The engine generates a power output of 400 PS (294 kW; 395 hp). According to Ferrari, weight was reduced by 60 kg (130 lb) and the 0 to 100 km/h (62 mph) acceleration time improved from 4.7 to 4.5 seconds. 

The first model to be produced was the 360 Modena, followed later by the 360 Spiderand a special edition, the Challenge Stradale. The Challenge Stradale was the high-performance road-legal version of the 360 produced by the factory, featuring carbon ceramic brakes (from the Enzo), track-tuned suspension, aerodynamic gains, weight reduction, power improvements and revised gearbox software among its track-focused brief. There were 8,800 Modenas and 7,565 Spiders produced worldwide. There were 4,199 built for the US market—1,810 Modenas (coupes) and 2,389 Spiders (convertibles). Of those numbers, there were only 469 Modenas and 670 Spiders that were produced with a gated 6-speed manual transmission as opposed to the "F1" single-clutch automated manual transmission