The mystery has been solved. A new V8 model is to roll out soon with a hideaway hardtop. A lot of rumors have been laid to rest as an “entry-level” Ferrari is inching closer to reality. The auto giant’s new prancing horse, dubbed as “California” made its much anticipated debut at the Paris Auto Salon as the legendary Italian sports-car maker’s first retractable hardtop convertible.

The California boasts a lot of firsts: it’s Ferrari’s first-ever front-mounted V-8 engine, it’s Ferrari’s first use of direct injection, and it’s Ferrari’s first dual-clutch automated manual transmission. In addition, it’s also the first Ferrari constructed on a modular architecture, and likewise the first built on a brand new production facility that is absolutely eerie in terms of modernity and sophistication.

Styling for the 2010 Ferrari California is by Pininfarina, the renowned design house that has engineered most road-going Ferraris in the past six decades. The California is a blend of Ferrari’s 612 Scaglietti 2+2 coupes and the V12 two-seat F599 Fiorano. The roof features a power-folding mechanism conceptualized yet again by Pininfarina.

The 2010 Ferrari California will use a high-revving 4.3-liter twin-overhead-cam V8 but in highly modified form. The updated V8, with an internal designation of F136Y, brags of redesigned cylinder heads, intake system, valve train, and the aforementioned application of efficiency-enhancing direct fuel injection. Sources said that all these combustion-management hardware can generate 460 hp and 360 lb-ft of torque, not to mention an improved fuel economy of five to eight percent above the current V8.

The 2010 California will utilize Ferrari’s 7-speed automated manual transmission that will be rear-mounted in unit with the differential. This configuration will provide for a more even front/rear weight distribution which is an absolute must for sports-car handling.

It may be one of the most affordable Ferraris ever but the California shows minimal signs of cost-cutting anywhere. For instance, the suspension components are unique, done in the usual pound-paring aluminum. The rear suspension is said to feature a new multi-link design, and just like its siblings, the 2010 Ferrari California will definitely include “drive-by-wire” throttle, stability control, and Brembo carbon-ceramic disc brakes. Standard perks include Ferrari’s F1-Trac traction-control system and Ferrari’s Manettino steering-wheel control dial for customizing all the electronic functions to adapt to any driving condition. Ferrari also claims that it will integrate a Launch Control button to assist with standing-start acceleration. As for footwear, expect high-performance tires mounted on 19-inch lightweight alloys with 20-inch rims as a possible option.

The entire list of standard features is likely to be completely confirmed when American-market sales start, however, the 2010 Ferrari California was specifically designed and engineered as a long-distance cruiser and not a spartan track-oriented sports car. This ought to suggest a plush leather-trimmed interior with carbon-fiber and/or aluminum accents, automatic two-zone climate control, multi-adjustable sports seats and premium audio with Bluetooth phone integration, aux-in jacks, a hard drive for music storage, and full iPod integration. The California’s navigation system is similar to the Harman/Becker unit employed by Chrysler, with a pretty decent touch-screen unit with great functionality.

            In toto, the 2010 Ferrari California appears ready to take on the challenge of writing another intriguing chapter in the long history of one of the world’s most popular and esteemed automakers. With the California’s versatile coupe-convertible body style, it could be one of the most appealing Maranello masterpieces of all time.