For nine years, Ferrari has steadfastly devoted itself to the Ferrari California T, the entry-level drop-top boulevard cruiser whose appeal reached both celebrities and supercar fans alike. Now, the Italian sports car manufacturer has unveiled the successor to its longtime staple. It’s time to say goodbye to Ferrari California, and hello to Ferrari Portofino.

In case you’re wondering, Portofino is the name of one of Italy’s most beautiful towns, renowned for its charming tourist port. The name choice is significant, as the town is noted for its elegance, sportiness and understated luxury — everything that the new V8 GT encapsulates. The launch colour of the new Ferrari has also been dedicated to this marvellous town: Rosso Portofino.

On top of that, the moniker reflects Ferrari’s hopes to highlight the new car’s European rather than US-focused driving and handling characteristics. That means that in terms of road-holding behaviour, the new car is a genuine Ferrari, through and through.

So how exactly does the new V8 prancing horse differ from its predecessor? As revealed on Wednesday, the Ferrari Portofino is completely new from the ground up, save for the powerplant which is derived from the V8 twin-turbo that powers the California. Despite that, the new Ferrari is capable of unleashing an impressive 600hp and sprinting from 0 to 100 km/h in just 3.5 seconds.

Besides the boost in horsepower, the Ferrari Portofino is also much lighter and stiffer, with a clever electronic rear differential and a similar suspension setup as the one found in the 488 GTB. Storage is another factor that was considered; the Ferrari Portofino boasts a retractable hard top, a roomy boot, generous cockpit space and two rear seats, making it suitable for short trips.

Combining style, speed and storage, there isn’t anything quite like the new Ferrari Portofino anywhere else. It is certainly setting itself up to be a powerful convertible, which you will see for yourself when the car is officially unveiled at the Frankfurt International Motor Show in September.