Aside from allowing divers to enjoy the sun and wind, the Spider can go from zero to 62 mph in three seconds, and reach a maximum speed of 203 mph.
"This is a car that is aimed squarely at clients seeking open-air motoring pleasure in a high-performance sports car with an unmistakable Ferrari engine sound," the luxury automaker said.
Read MoreSupercar demand boosts McLaren sales to record
Ferrari said the 488 Spider will be the most "aerodynamically efficient" convertible that the automaker has ever built, thanks to the design of its new spoiler and underbody.
And since it's a Ferrari, engine noise is paramount. The car has an electric glass wind stop that that can be adjusted to one of three positions to guarantee comfort—and allow passengers to enjoy the "engine soundtrack" when it's fully lowered.
The 488 Spider will be unveiled at the Frankfurt Motor Show in September, and is expected to retail for around $275,000.