Following a couple of subtle teasers, Ferrari unveils today a new version of the California hardtop convertible sports car. And yes, it has a turbocharged V8 engine. It is, in fact, called the Ferrari California T, and it is the most fuel efficient Ferrari ever built.

The new 3.8 liter V8 in the Ferrari California Turbo is also used by Maserati. In the Fezza it makes 560 horsepower with 755 Nm of torque. That makes for a 0 to 100 km/h sprint in 3.6 seconds and a top speed of 316 km/h.

So far so good then. But the best thing about this turbicharged engine is the fuel economy it delivers. Granted, an average consumption of 10.5 l/100 km and Co2 emissions of 250 g/km are not exactly brilliant numbers. But they are astonishing for a Ferrari with such high levels of performance.

Of course some of you may say the fact that the new California is turbocharged means it is not as agile and responsive as the previous version, which was of course naturally-aspirated. But Ferrari argues that the Variable Boost Management system they’ve employed eliminates the lag, while a unique exhaust system makes sure the engine delivers the most exhilarating soundtrack any turbo has ever yielded.

Ferrari California Turbo also features a new suspension setup and the latest evolution of the F1-Trac traction control system. But the biggest highlight of the new car, apart from the engine, is the design, which appears to be inspired most of all by the Ferrari F12 Berlinetta. This is a very good thing, because the old California has always been considered the ugliest member of Ferrari family.

Ferrari California T will make its official debut at the 2014 Geneva Motor Show next month.