The Formula One regulations for 1954–1960 limited naturally aspirated engines to 2500 cc and for the 1958 season there was a change from alcohol fuels to avgas.

The 246 F1 used a 2,417.34 cc (2.4 L; 147.5 cu in) Dino V6 engine with a 65° angle between the cylinder banks.

This occurred at the 1960 Italian Grand Prix at Monza, where the major British teams boycotted the race.

The new car also received disc brakes as standard and a five-speed gearbox.

Only Tony Brooks raced this model but he was outpaced by the mid-engined British cars.