In 1994 Ferrari replaced the 348 series with the F355. The car was once again designed by Pininfarina and had a similar layout and proportions to the 348. New on the 355 was the V8 engine, who now featured 5 valves per cylinder (2 exhaust and 3 inlet).

In 1997 the F1-style gearbox management system became standard on each version: berlinetta, GTS (targa topped) and spider. The F355 changed into 355 F1. Derived directly from Formula 1, where it made its debut in 1989 winning the Brazilian Grand Prix, the electro-hydraulic system was operated by paddles behind the steering wheel using the F355's conventional 6-speed manual gearbox. The new transmission guaranteed lightning-quick gear changes, with the additional advantage that both the driver's hands could stay on the wheel at all times.

1997 - 1999 Ferrari 355 F1 GTS

Specifications
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  • Model: 1997 - 1999 Ferrari 355 F1 GTS
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Its radical transmission is what makes the F355 F1 so different: a manual gearbox, but without a clutch pedal! Sophisticated electronics look after the function normally carried out by the driver's left foot. Instead of a clutch pedal and gear shift, the F355 has two steering-wheel-mounted levers.

The right one is to select a higher gear, the left one for a lower gear. Where the gear stick would normally be is a little lever for selecting reverse. To start the engine, the ignition key needs to be advanced a notch and both gearshift "paddles" pulled back to ensure the transmission is in neutral.

Like all the 355 series, the 355 F1 GTS is powered by a 3.5-liter V8 featuring titanium rods, five-valve cylinder heads, and a 180-degree crankshaft. With a Bosch 2.7 Motronic system the engine delivered a total of 380 hp at 8,500 rpm. Performance was 0–60 mph in 4.9 seconds, the quarter mile in the low 13-second range, and top speed went to an impressive 183 mph.