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Ferrari has unleashed the new Portofino convertible — its most affordable sports car (RACE)

The 592-horsepower Ferrari Portofino will replace the California T as Ferrari's most affordable model.

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On Wednesday, Ferrari unveiled the latest addition to its lineup, the Portofino convertible grand tourer. It's set to replace the California T as Ferrari's most affordable production model.

Ferrari has not yet disclosed the Portofino's price tag. However, the Cali T starts at around $200,000.

The new Portofino is powered by an updated version of Ferrari's award-winning, 3.9-liter, twin-turbocharged V8, also found in the 488 and the current Cali T.

Improvements include new pistons and con rods, along with redesigned intake and exhaust systems.

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Additionally, Ferrari has recalibrated its engine-management software to boost acceleration and improve fuel economy over the Cali T.

With these upgrades, the V8 now produces 592 horsepower, up 40 from the car it replaces. The Portofino is also expected to feature a seven-speed twin-clutch gearbox.

According to Ferrari, the Portofino can go from 0 to 62 mph in 3.5 seconds and has a top speed of more than 199 mph.

The four-seat Portofino is built on an all-new chassis that's lighter and offers more rigidity than the California.

Unlike the California and the Cali T, the Portofino doesn't feature styling by the famed Italian design house Pininfarina. Instead, the new drop-top's looks are a collaboration between Ferrari's in-house design and aerodynamics teams.

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The Cali T's sculpted, angular lines have been replaced by a curvier aesthetic. The new front-end treatment and air intakes are designed to improve the Portofino's overall aerodynamic efficiency.

For the Portofino's occupants, Ferrari has equipped the car with a new 10.2-inch infotainment screen and an upgraded climate-control system with improved performance for both top-up and top-down driving. The Portofino also has a new steering wheel, redesigned 18-way adjustable front seats, and a new wind deflector that reduces cabin noise and lets 30% less air into the car.

The Ferrari California debuted at the 2008 Paris Motor Show to great fanfare. Six years later, Ferrari introduced the second-generation California T at the Geneva Motor Show.

The Ferrari Portofino will make its world debut at the Frankfurt Motor Show next month.

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