Ferrari has pulled the cover off the new 458 Spider at the ongoing 2011 Frankfurt Auto Show. This convertible is based on the 458 Italia and as we have reported before, this is the first Ferrari convertible to feature a retractable hardtop.

The retractable hardtop made from aluminum is fully automatic and takes only 14 seconds for deployment. Also, the roof and the mechanism weighs almost 25 kg less than the conventional fabric soft top. The mechanism is also compact and when retracted, the roof is stored in a dedicated storage area behind the seats, in front of the engine bay. The compact design has also allowed Ferrari engineers to incorporate the car with a luggage storage compartment behind the seats. The buttresses have been designed to optimize the flow of air to the engine intakes, the clutch and gearbox oil radiators.

The convertible is fitted with Ferrari’s award winning 4.5 liter V8 engine. The engine is coupled to a dual-clutch F1 paddle-shift transmission system and is capable of producing 570 horsepower and 400 lb-ft of torque. The standard 0 to 62 mph sprint takes only 3.4 seconds and the rated top speed is 198 mph. The convertible is also fitted with the new HELE (High Emotion Low Emission) system, which delivers an impressive urban fuel economy of 11.8 liters/100 km (19.9 US mpg) and reduces CO2 emissions to 275 g/km.

Other than the roof, the Ferrari 458 Spider is almost identical to its hardtop sibling: the 458 Italia. The convertible is expected to carry a base price tag higher than the hardtop 458 Italia, which starts at $227,325.