To commemorate Ferrari's 16th victory in the Formula 1 Constructor's World Championship in 2008, Ferrari unveiled the Scuderia Spider 16M at World Finals in Mugello. It is a convertible version of the 430 Scuderia.

The engine is rated at 510 PS (375 kW; 503 hp) at 8,500 rpm and 471 N⋅m (347 lb⋅ft) of torque at 5,250 rpm. The car has a dry weight of 1,340 kg (2,954 lb) (80 kg (176 lb) lighter than the F430 Spider) and a kerb weight of 1,440 kg (3,175 lb). The chassis was stiffened to cope with the extra performance available and the car featured many carbon fibre parts and weight saving measures as standard such as lightened front and rear bumpers. Unique 5-spoke forged wheels were specifically produced for the 16M and helped to considerably reduce unsprung weight with larger front brakes and calipers added for extra stopping power (also featured on 430 Scuderia). It accelerates from 0-100 km/h (62 mph) in 3.7 seconds, with a top speed of 315 km/h (196 mph).[20]

499 cars were produced beginning early 2009 and all were pre-sold to select clients