2009 Ferrari California

One of the worst kept secrets in the automotive world is Ferrari's baby grand tourer, the California. Even as Ferrari has denied it's existence, the California has been the subject of intense speculation all along. Now it's official.

The California is a front-engine, two-plus-two convertible GT. The public is getting their first look at the latest addition to the Ferrari family, currently at the Paris auto show.

The California is powered by a 4.3-liter V-8, making it the first front-engine Ferrari road car to use a V-8 rather than a V-12. The engine breaks new ground for Ferrari by using direct injection. It boasts 454 hp at an appropriately exotic 7500 rpm and is mated exclusively with Ferrari's first dual-clutch automatic, a seven-speed.

Ferrari claims that the combo will zip the California from 0 to 62 mph in less than 4.0 seconds. Backing up that performance are carbon-ceramic disc brakes (which are now standard on all Ferraris) and a chassis that features a new multilink rear suspension.

Fittingly, given its name, the California will be offered only in open-topped form, with a retractable metal hard top. Although pricing hasn't yet been announced, we can provide some insight as to the California's place within the Ferrari family.

The company repeatedly denied that the new car would be an "entry-level" Ferrari, and in fact, when it arrives at dealers early next year, the California is expected to cost more than the F430 - today's least expensive Ferrari at $191,775 - and will supplant the 612 Scaglietti.

But, when the F430's replacement arrives in 2010, that car will slot above the California in price, so at that point, the California effectively will become the entry-level model. Of course, that level of entry will be higher than it is today.