Updates from the 550 include a renewed interior, but with substantial improvements inside, including bigger brake discs, a larger and more powerful engine, a different weight distribution, refined aerodynamics and fluid-dynamics and an adaptive suspension set-up (the four independent suspensions are also controlled by the gearbox, to minimize pitch throughout the 200-milliseconds shift time). Two six-speed transmissions are available, a conventional manual gearbox and, for the first time on a Ferrari V12, Magneti Marelli's semi-automatic (Sequential manual transmission) 'F1' gearbox. The model number refers to total engine displacement in litres, whilst the 'M' is an abbreviation of 'modificato' or 'modified'.
For 2005, the company developed a new GTC handling package and Superamerica version (a limited run of 559 Retractable hardtop variants of the coupe), along with raising the power from 515 PS (508 hp/379 kW) to 540 PS (533 hp/397 kW)
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