The F50 is powered by a 4.7 L naturally aspirated Tipo F130B 60-valve V12 engine that was developed from the 3.5 L V12 used in the 1990 Ferrari 641 Formula One car.

[1] The F50's engine predated the car; it was used in the Ferrari 333 SP for the American IMSA GT Championship in 1994, allowing it to become eligible for the stock engine World Sports Car category.

Notable changes made to the car include a fixed roof, a large rear spoiler, new front spoiler, adjustable suspension system, Speedline racing alloy wheels with racing slicks and large rear diffusers.

The 4.7-litre V12 engine in the F50 GT was tuned-up to generate a power output of around 551 kW (749 PS; 739 hp) at 10,500 rpm.

A test was held in 1996 which proved the car to be quicker than even the 333SP, but this went unnoticed as Ferrari cancelled the F50 GT project due to entry of purpose built racing cars in competition such as the Porsche 911 GT1 and due to lack of funding, instead focusing on Formula One after the BPR Global GT Series folded.