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Any time Ferrari’s stables open to reveal a new model is occasion enough for celebration among enthusiasts. The latest Cavallino Rampante has finally revealed itself after more than a year’s worth of speculation and awkward-looking, heavily disguised prototypes.

Maranello’s youngest foal takes the form of a folding hardtop convertible GT that resurrects the company’s storied California designation. (In what can only be described as a bit of blissful synchronicity, a 1961 250 GT California short-wheelbase was recently sold by RM Auctions for a record-setting $10,894,900.)

Powered by a new flat-crank direct-injection 4.3-liter V-8 backed by a seven-speed dual-clutch gearbox, the California generates around 460 horsepower (at 7500 rpm), which Maranello promises will be enough to push the car to 62 miles per hour in under four seconds. A further development of Ferrari’s F1-Trac anti-slip system (first seen on the 599 GTB Fiorano) will be part of the package, as will a set of carbon-ceramic disc brakes. A new multilink rear suspension will be fitted to the California’s Alcoa aluminum chassis.

This is Ferrari’s second crack at a power hardtop car, the first being the rather awkward but innovative 575M Superamerica of a few years ago. That small-volume V-12 GT featured a carbon fiber, electrochromatic rotating panel dubbed Revocromico. This new model receives a more conventional yet fast-acting assembly that takes just fourteen seconds to go from weather-tight to alfresco.

The California will slot in under the 612 Scaglietti, but is still expected to cost more than Ferrari’s current “entry-level” offering, the F430, which starts at just over $190,000.

Aside from these images, the public isn’t likely to clap its eyes on this car until its Paris Motor Show debut in October, with the first production examples reaching customers early next year.

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Magazine Issue: Winding Road Issue 36