"We are not developing a cheap Ferrari" is the oft-repeated party line in Maranello. "Just don't look over there," might as well be the next, as spy shots have turned up yet again suggesting that Ferrari is indeed developing an "entry-level" model to slot in the company's line-up below the F430.

The latest photos show a developmental test mule on the dynamometer wearing what appears to be disguised bodywork from the recently launched Maserati GranTurismo. Sources suggest, however, that the baby Ferrari would share more in common with the achingly gorgeous and limited production Alfa Romeo 8C Competizione, but with even more power. When that car was being developed, original speculation suggested it was for Ferrari, but that the project was passed over to Alfa Romeo instead.

So has Ferrari been blatantly lying? A few possibilities could explain the discrepancy. First is that the car spotted is not a Dino as speculated by the motoring press, but actually a test mule for the upcoming new Maserati convertible; however, based as closely as it will be on the existing GranTurismo, extensive drivetrain testing would seem unnecessary. It could, however, be testing a new transmission for the Maserati range. Another explanation about the seeming chasm between what we see and what Ferrari says could be drawn from the example of the original Dinos, which were not badged as Ferraris but as a separate brand. If the photos are accurate, the new model could be front-engined like the 599 GTB instead of mid-engined like the F430 as originally thought. One way or another, we look forward to finding out.

[Source: Motor Authority]