Under the hood there was a 3,4 liter V8 engine, with a bore and stroke of 85mm x 75mm, with spark plugs between the camshafts, fitted with a Bosch Motronic M2.7 combined fuel injection and ignition system.
Power was transmitted from the flywheel to the rear wheels through the clutch, gears, final drive and constant velocity joints. The new transmission was mounted across the rear of the engine in the style of pre-turbo Formula 1 racing Ferraris. The clutch sat at the rear of the drivetrain. The new configuration sited the entire drivetrain four inches lower in the chassis than had the previous model.
The engine delivered a total of 320 hp (312 hp on the US models) at 7200 rpm and a peak torque of 324 Nm at 5000 rpm. The 348 GTB sprinted from 0 to 60 mph in 5,4 seconds and could hit a top speed of 173 mph.
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