Although Luca Cordero di Montezemolo reportedly called his Ferrari 348 “a shitty car that makes noise and doesn’t move” after being out-accelerated by a VW Golf GTI in 1991, the Ferrari 348 was still praised by many car publications for its handling and design.
This list includes official production variants, race cars, coachbuilt models and body kits.
Ferrari 348 tb (1989 - 1993)
Photo: Ferrari
Production: 2,894 examples
The Ferrari 348 TB was the original coupe version introduced in 1989, setting the foundation for the entire model range. The name TB stands for Trasversale Berlinetta, referring to the transverse-mounted gearbox paired with a longitudinal engine, a layout inspired by Ferrari’s Formula 1 cars of the period.
It featured a 3.4-litre naturally aspirated V8 producing 300 hp, paired with a five-speed manual gearbox. The design, created by Pininfarina, carried strong visual links to the Testarossa, particularly in the side strakes and wide stance.
As the first version released, the TB established the 348’s identity as a more aggressive and technically advanced successor to the 328.
Ferrari 348 ts (1989 - 1993)
Photo: Ferrari
Production: 4,228 examples
The Ferrari 348 TS was introduced alongside the TB and offered an open driving experience through its removable targa roof panel. TS stands for Trasversale Spider, although it is technically a targa rather than a full convertible.
Mechanically, it was identical to the TB, sharing the same 300 hp V8 and gearbox configuration. The TS quickly became popular due to its balance between structural rigidity and open-air driving, allowing owners to enjoy the sound and character of the V8 without sacrificing the coupe’s core performance characteristics.
Koenig F48 (1990)
Photo: Simon Furlonger Cars
Production: fewer than 10 examples
German tuning house Koenig Specials offered a complete rework of the Ferrari 348, including twin turbos and a full widebody conversion with a wing similar to that seen on the F40 (hence “F48”).
The KS600 package increased output to nearly 600 bhp. Of the roughly 10 F48 variants produced, it is estimated that three are right-hand drive. Official conversions can be identified by a Koenig Specials VIN plate on the dashboard starting with “KS”.
Zagato Elaborazione (1990)
Photo: RM Sotheby’s
Production: 10 examples
The Zagato Ferrari 348 Elaborazione is one of the few known coachbuilt interpretations of the 348. Created by the Italian design house Zagato, it featured distinctive styling changes, most notably the signature double-bubble roof.
The project focused on reimagining the car’s design rather than dramatically altering its mechanical components. Production was extremely limited, making it a rare example of traditional Italian coachbuilding applied to a modern Ferrari. Only ten units were built, one of which was an open-top TS variant.
Ferrari 348 Serie Speciale (1992 - 1993)
Photo: LBI Limited
Production: 80 examples
The Ferrari 348 Serie Speciale (TB and TS) was a limited-edition model built primarily for the United States market between 1992 and 1993.
It followed a similar formula to cars like the Ferrari 296 Speciale and 488 Pista. With around 80 units produced, it was one of the rarer factory variants. Power increased to 320 hp and the car featured lightweight components, revised gearing and unique badging.
In many ways, the Serie Speciale acted as a bridge between the early 348 versions and the later, more refined updates.
Ferrari 348 Challenge road variant (1993 - 1995)
Photo: Ferrari
The Ferrari 348 Challenge road car was developed as part of Ferrari’s growing interest in customer racing and one-make championships. It could be purchased either as a complete car or as a conversion kit applied to a standard 348.
Modifications focused on track performance, including upgraded brakes, suspension and safety equipment such as a roll cage. While some examples remained road-legal, the Challenge was primarily intended for circuit use and played a key role in establishing the Ferrari Challenge series.
Ferrari 348 Challenge race variant (1993 - 1995)
Photo: SBR Engineering
The race-specification Ferrari 348 Challenge was a fully prepared competition car used in the Ferrari Challenge championship. Compared to the road-based version, it featured more extensive modifications, including stripped interiors, racing seats, fire suppression systems and improved cooling.
The focus was on reliability and consistency rather than outright power increases, allowing amateur and semi-professional drivers to compete in a controlled environment.
Ferrari 348 GTB (1993 - 1995)
Photo: RM Sotheby’s
Production: 222 examples
The Ferrari 348 GTB replaced the TB in 1993 and represented a significant technical update rather than a simple facelift. Power increased to 320 hp thanks to revised engine management and exhaust improvements.
Changes to the suspension geometry and chassis setup improved handling and stability. Visually, the GTB remained similar to the TB but benefited from refinements that made it a more polished and confidence-inspiring car to drive.
Ferrari 348 GTS (1993 - 1995)
Photo: RM Sotheby’s
Production: 218 examples
The Ferrari 348 GTS was the targa counterpart to the GTB and incorporated the same mechanical and dynamic improvements. With 320 hp and revised suspension tuning, it offered a more refined driving experience than the earlier TS.
Many enthusiasts consider the GTS one of the most balanced versions in the 348 range.
Ferrari 348 Spider (1993 - 1995)
Photo: Ferrari
Production: 1,146 examples
The Ferrari 348 Spider arrived in 1993 as the first fully open V8 Ferrari. Unlike the TS, it featured a fully retractable soft top, offering a true convertible experience.
Ferrari used the opportunity to refine the car more broadly, improving ergonomics, updating the interior and addressing earlier handling criticisms.
Ferrari 348 GT Competizione (1993 - 1995)
Production: 50 examples
The Ferrari 348 GT Competizione is one of the rarest and most race-focused versions of the model. Built in 1993, it was effectively a lightweight homologation-style car.
Extensive use of materials such as Kevlar and carbon fibre reduced weight significantly, while the engine produced around 320 hp.
Ferrari 348 CSAI-GT (1993)
Production: 11 examples
The Ferrari 348 CSAI-GT was developed to comply with regulations set by the Commissione Sportiva Automobilistica Italiana.
It featured modifications tailored to the category, including weight adjustments, safety equipment and controlled performance tuning. These cars were typically run by private teams within Italy, making them a rare but important part of the 348’s racing history.
Ferrari 348 GTC-LM (1993)
Photo: Broad Arrow Auctions
Production: 3 examples
The Ferrari 348 GTC-LM represented an evolution of earlier competition cars, refined for endurance racing.
Developed with Michelotto, it featured advanced aerodynamic enhancements and an engine producing around 360 hp. The chassis and suspension were also upgraded to meet the demands of long-distance racing.
M1 Test Mule
Production: 1 example
The Ferrari M1 test mule was an early Enzo development prototype built around 348-based bodywork. It allowed Ferrari to test future components while disguising the final design.
M3 Test Mule (2000)
Photo: Mareno de Graaf
Production: 1 example
The Ferrari M3 test mule was the most extreme of the Enzo development prototypes. It used a heavily modified 348-derived body and a lengthened rear structure to house the Tipo F140 V12.
Ferrari 348 Barchetta Competizione
Production: 1 example
The Ferrari 348 Barchetta Competizione is a one-off created for collector Guy Audebert from a crashed Ferrari 348.
The updated bodywork included a deeper front spoiler, fixed headlights, quick-release bonnet, stripped interior and numerous racing components. The car retained the 3.4-litre V8 but was optimised for competition use.
Ferrari 348 by Liberty Walk
Photo: Liberty Walk
Currently available to order for around €12,000, the Liberty Walk 348 is a modern reinterpretation featuring extreme widebody styling, bolt-on overfenders and exaggerated proportions, while typically retaining the original V8.
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