Ferrari's new 458 Spider, a version of the last year’s Ferrari 458 Italia coupe, is the company’s first mid-engine sports car with a retractable hard-top.

The Ferrari 458 Spider has been manufactured from the same aluminum body and chassis that were used to build the 458 Italia. But, the new sports car has many striking features that allow it to stand apart from the crowd of others, such as it consumes merely 14 seconds to fold up or down, and takes up just 3.5 cubic feet of space.

It comes equipped with awe-inspiring 4.5-liter 570-horsepower V8 engine that offers 562bhp and 398lb of torque. Shifting with the seven-speed dual-automated-clutch gearbox is smooth.

The new sports car has a top speed of 19 miles per hour, and can sprint from zero to 100 kilometers (62.14 miles) in less than 3.4 seconds.

The Ferrari 458 Spider has been priced at 228,000 euros for Europe. Pricing for the United States is yet to be announced. Sales start later this month.