It is a two-door 2+2 hard top convertible, with a 3.9 L twin-turbo V8 gasoline engine and a 0–60 mph (0–97 km/h) time of 3.5 seconds.

Unlike previous occasions where the vehicle launch occurred in only one part of the ground floor lobby, the Portofino's launch occupied the hotel's entire ground floor area, where a few other Ferrari models were also parked outside the drop-off area, and creative lighting featuring the Ferrari's Prancing Horse logo was also projected on the hotel's exterior walls.

Pricing for the Portofino in Hong Kong (as of April 2018) starts from HK$3.5M, with deliveries scheduled later in the year.

Changes to the engine include a 10% pressure increase in the combustion chamber, revised connecting rods and pistons and a single cast exhaust manifold.

The car retains the 7-speed dual clutch transmission from its predecessor but features a new software to allow for faster gear shifts.

The rear seats have increased legroom (by 5 centimeters) and the infotainment system is more advanced and easier to use, featuring a 10.2-inch display screen in the centre console with optional Apple CarPlay functionality, as in its predecessor.

The international judging panel stated that the Portofino “embodies an impressive evolutionary advancement" and "fascinates with an exciting design language," with the vehicle's elegance "further underscored by the uncompromising quality in material and workmanship."