Italian sportscar maker Ferrari (RACE) - Get Report on Wednesday introduced its new entry level model, the Ferrari Portofino, replacing its California T.

Named after the Italian town of Portofino, the new car carries maximum power capability of 600 cv, and can launch from 0 to 100 km/h in only 3.5 seconds, Ferrari said.

The Portofino is powered by an eight cylinder GT engine, boasting maximum speed capabilities of over 320 km per hour.

"The Ferrari Portofino is the most powerful convertible to combine the advantages of a retractable hard top, a roomy boot and generous cockpit space plus two rear seats suitable for short trips," the automaker added.

Ferrari will debut the car at the Frankfurt International Motor Show in September.

Shares of Ferrari were climbing during Wednesday morning trading.

The Portofino will share the road with this insane $3 million Bugatti Chiron

Watch More with TheStreet: