Launched in 1999 the 360 Modena was a clean-sheet design anticipating future trends in Ferrari road cars. These trends include weight reduction combined with greater chassis rigidity. The new approach employs technology based on the use of aluminum for the chassis, body shell, and suspension wishbones. The exclusive use of aluminum, a first for a Ferrari road car, has enabled Ferrari's engineers to reduce the 360 Modena's dry weight by 100 kg compared to the 355 despite rather more generous dimensions resulting in greater comfort and storage space. Performance has also improved across the board thanks to both a power:weight ratio 0.9lbs/bhp better than the car's predecessor, and the exceptional 3586cc 90° V8 engine providing 400bhp at 8500rpm and 275lb-ft at 4750rpm. The 360 Modena is the culmination of research and experimentation with the use of aluminum on everything from Formula 1 cars, to the 408 4RM prototype and the GT competition cars which were always fabricated in aluminum. The 360 Modena combines Ferrari heritage with innovation.

The 360 Modena is the 163rd Ferrari designed by Pininfarina. This helps explain the successful mix of innovative design elements and styling solutions inspired by classic Ferraris, such as the 268SP, the 250LM and Dino 246GT. The front is dominated by two large air intakes for the radiators. This solution is vital to the car's aerodynamics. The intakes channel air beneath the car's flat undertray to the two rear diffusers, providing ground effect, and the location reduces width and thus frontal area. Air pressure increases downforce as speed rises and, at 180mph, there is an impressive 397lbs pressing down on the car, evenly distributed between the two axles. This result was achieved without ruining the lines of the car and it also enhances safety by increasing the "natural" steering load at speed. 5,400 hours of wind tunnel testing resulted in excellent Cd and CI figures without compromising the car's styling. The distinctive rear-end treatment leaves the engine in full view beneath the rear window.