The 348 was fitted with dual-computer engine management using twin Bosch Motronic ECUs, double-redundant anti-lock brakes, and self-diagnosing air conditioning and heating systems.

Later versions of the 348 (1993 and beyond) have Japanese starter motors and Nippondenso power generators to improve reliability, as well as the battery located within the front left fender for better weight distribution.

All 348s have OBD-I engine management systems, though European and general market variants do not come with the self-test push button installed, which is needed to activate this troubleshooting feature.

The main technical modifications consisted in a revised engine which produced 316 PS (232 kW; 312 hp) at 7,200  rpm, a wider rear track (50mm), a free-flow exhaust system, a shorter ratio final drive and Pirelli P Zero tyres.

Several modifications were made to the exterior as well: new front spoiler to optimize aerodynamics similar to the F40, new front grille with the chrome prancing horse, bumpers and rocker panels in body colour, engine cover in body colour, modified taillight assembly and new rear grille with the chrome prancing horse.

The engine used in the participating cars was similar to the road going GT models introduced in the same year with the only noticeable changes being the slick tyres, new body kit, better brake-pads, roll-bar, smaller battery in a different position and seat belts.

[9][10] In late 1993, the 348 was revised, featuring subtle styling changes (front grille, rear chrome Cavallino and removable seat cushions) and more power, this time 312 hp (233 kW; 316 PS) and 320 PS (235 kW; 316 hp) (Europe) from the same 3.4-litre engine, with an improved version of the Bosch Motronic 2.7 Engine Management System and a new exhaust system (single muffler).

Visual changes for the spider included body coloured lower cladding pieces, a specially designed engine cover and a manual folding soft top.

Additional interior trim pieces such as door sills featured carbon kevlar and creature comforts such as air conditioning and sound proofing materials were removed.

At the front of the car a new bumper removed the original's fake central grille and also replaced the Ferrari prancing horse emblem.

A double bubble roof replaced the original, the idea being that Zagato could lower the roofline of a car, but retain enough headroom for each occupant.

The car, which has a true open top barchetta body style features heavily modified body work that includes a deeper chin spoiler, removal of the pop-up headlamps with the headlamps integrated in the fog light assembly, quick release bonnet, minimalist racing interior; featuring a detachable steering wheel, Sparco racing bucket seats with six-point harness and a roll bar for the driver's safety, a large air scoop reminiscent to that used in Ferrari F1 cars, racing wing mirrors, replacement of the straked side air intakes with larger air intakes along with two additional vents, tail lights from the Ferrari 328, perforated rear grille, 18-inch BBS racing alloy wheels and a large rear wing inspired by the Ferrari F40 LM.

[18] Michelotto built a further 2 cars in 1994, designated as 348 GTC-LM for competition within the GT2 class, campaigned by Team Repsol and Ferrari Club Italia.

In a later 1991 comparison against the NSX, Road & Track inquired, “Has Honda bettered Ferrari?” The magazine concluded the Ferrari 348 was “the better exotic” and would later name it “one of the ten best cars in the world.” Auto journalists described the 348 as, "something quite special," and the engine being the formative element in defining the car's character, rising in an "operatic crescendo," having the "power to raise goose bumps as Pavarotti climbing to that note in Nessun Dorma.

Ergo flatter handling, and better steering response.”[23] Autocar Magazine featured a comparison of the 348tb, Honda NSX, Porsche 911 Turbo, and Lotus Esprit in the July 1993 article, “Lord of the Fliers,” by Stephen Sutcliffe.

In the 348 you've got the same degree of body control, the same iron tautness through the corners, but the steering – lighter than the Honda's but with much more feedback – lifts it clear of even the mighty NSX at La Sarthe.”[24] Critique found the 348 difficult in traffic due to heavy steering and controls, though transformative on open road, “the further we traveled and the harder we drove in France, the more special, the more unique the Ferrari felt.

We argued long and hard over which of the two made the best noise under full throttle, although no one disputed the fact that the NSX was more refined overall and had vastly superior gearchange.

Because it is so well honed as an all-rounder, so easy to live with, it misses out on that last 10 per cent of pure, raw thoroughbred sports car appeal that makes the Ferrari such a deliciously rich experience.

And partly it is the extra sharpness of the Ferrari's chassis, which is that crucial fraction more responsive to your inputs than not only the NSX but also any other supercar this side of £100,000 we can think of.”[24] Peter Dron of Motor Trend gave the car a negative review, criticising its acceleration by saying "For some manufacturers, it might be hard to go to market when competitors are offering cars with demonstrably better performance for tens of thousands of dollars less.

It doesn't have the hard edge of Lamborghini's V-8 (similar to the old Cosworth DFV) or the deep, throaty rumble of the high-performance domestic engines.

In the press handout (referring to the Testarossa-style side strakes) is the following remark: 'On a Ferrari a technical requirement becomes a stylistic theme and nothing is simply there for decoration.'

It literally starts wriggling around, talking excitedly about all the bumps in the road and sometimes making a bigger gesture as a camber attracts its attention.

Despite the lack of assistance and the wheel’s relatively small diameter, it’s not heavy in any way, there’s just perfect weight and no slack to add to the constant communication.”[25] Some areas of critique focused around the long-established topic of Ferrari gearboxes, typically stiff and balky when cold.

The 348 did not break from tradition in this area, requiring careful adjustment and lubricating considerations, as well as full warm up, and was found to perform best with quick and aggressive driving.