The car is named after its V8 engine - 24 is the capacity in decilitres, and 8 the number of cylinders. The name breaks the F200x system used from 2001 to 2005, and returns to a system similar to that used in the 1950s and 1960s (cf. Ferrari 312). The 248 model was driven by race drivers Michael Schumacher and Felipe Massa. The 248 F1 is the first Ferrari since the F1-2000 not to wear the number one, denoting that the driver is world champion. The car also featured new sponsor decals such as Martini. This was also Vodafone's last year of sponsorship for the Scuderia as they announced that they would switch to McLaren Mercedes as title sponsor.
The car was an update of the previous year's F2005. Although the V8 engine is shorter than the V10 used in the F2005, the wheelbase is actually the same, reported to be 3,050 mm. The wheelbase was retained via a new longer gearbox casing. The 248 F1 is the last Ferrari Formula One race car to use the single keel technology.
Some notable features of the new model are the rear view mirrors, which are now mounted on the edge of the sidepods of the car rather than conventional position beside the cockpit.
At the start of the season the car featured a triple plane front wing. After the first three races, it was replaced by a twin plane wing, in order to generate more airflow to the underside and diffuser.
Revised rear bodywork was introduced for the French Grand Prix, with a more waisted lower body around the exhausts.
The engine has been reported to have had a power output of 730 bhp (544 kW; 740 PS) at the start of the 2006 season, but modifications throughout the year boosted the power to around 785 bhp (585 kW; 796 PS) by the season's end.