Designated the FV 701(C), it was one of several versions resembling the original Daimler scout cars, and represented the basic model Ferret.

This shared many similar design features with the Dingo, notably the H form drive train in which a central differential eliminates loss of traction due to wheel-slip, and parallel drive shafts considerably reduced the height of the vehicle (roughly equivalent to that of a tracked AFV) compared to conventional armoured car designs.

[3] Like the Daimler scout car, the Ferret suspension consisted of pairs of transverse links and single coil springs, the wheels driven by Tracta constant-velocity joints, but the Ferret benefited from epicyclic reduction gears reducing transmission torque loads, essential with the six cylinder 4.26 litre water-cooled Rolls-Royce B.60 petrol engine.

This improved power-to-weight ratio, longer wheelbase (2.29 m (7.5 ft) compared with the Dingo's 1.98 metres (6.5 feet)) and the fitting of larger 9.00×16 run flat tyres increased speed and mobility over broken ground.

6–16 mm (0.24–0.63 in) steel plate protects the crew from shell splinters at most angles except directly overhead because the basic vehicle was open-topped and unarmed, with the exception of six forward-firing grenade launchers fitted to the hull over the front wheels (normally carrying smoke grenades), a feature found on all subsequent marks and models.