It is a plug-in hybrid with a rear mid-engine, rear-wheel-drive layout and its powertrain combines a twin-turbocharged 120-degree bank angle V6, with an electric drive fitted in between the engine and gearbox.

A high-voltage accumulator positioned under the floor with an energy capacity of 7.45 kWh (26.8 MJ) enables an electrical range of 25 km (16 mi).

On 21 May 2023 the Ferrari 296 GT3 of Frikadelli Racing won the 2023 24 Hours of Nürburgring, completing a total of 162 laps and setting a new distance record.

[11] On 28 January 2024, the Ferrari 296 GT3 of Risi Competizione achieved the GTD PRO class victory at the 2024 24 Hours of Daytona.

[13][14] On 2 November 2024, the No.55 Vista AF Corse Ferrari 296 GT3 archived the second LMGT3 class victory at 2024 8 Hours of Bahrain.

[15] On November 30, 2024, Alessandro Pier Guidi and Alessio Rovera won the drivers' championship in the 2024 GT World Challenge Europe Endurance Cup with the No.51 Ferrari 296 GT3.

[16] While AF Corse won the teams' championship in the 2024 GT World Challenge Europe Endurance Cup.