Based on the same platform as the Ferrari 430 Spider, the Scuderia 16M marked the celebration for sixteen world titles in Formula 1.
The Italian carmaker had all the reasons to celebrate its success in Formula 1 championship. Even though it killed the audience with its victories, it was still a tremendous performance. Moreover, its dominance on the track was translated into sales, even though in 2008, the world faced a financial crisis. But Ferrari was doing well and sold all 499 units to selected customers before the first production vehicle rolled out from the assembly line.

For the Spider 16M, the carmaker took the empty shell of an open-top F430 and installed all the goodies from an F430 Scuderia. At the front, the carmaker installed a new front bumper with angular air-scoops. Unlike other carmakers who were using fake scoops, those installed on the 16M were functional. Ferrari offered a few options for decals over the front trunk lid.

The interior was stripped of all the unnecessary features such as the stereo, the AC unit, or the floor mats. Ferrari considered offering them on an options list. Its sport bucket seats with high bolstering promised good side support during high-speed cornering.

Ferrari re-tuned the entire drivetrain of the Spider 16M. It installed a re-worked engine version of the 4.3-liter engine, which was pumped to produce 510 hp, twenty more than the regular F430 Spider. The carmaker paired it with the F1-SuperFast2 gearbox, an automated, single-clutch transmission developed for a Formula 1 racer. Moreover, an electronically-controlled differential helped the car transferring the power to the road.