Ferrari announced its newest sports car recently—the stylish and sleek Portofino convertible coupe. It will replace the outgoing California T as Ferrari’s entry-level car, making it the most affordable car it offers.

Ferrari’s definition of an affordable car is a completely different idea from what normal people understand. The price of the Portofino was not revealed, but given the California T started off at about $200,000, it’ll likely be in a similar range. Sorry to dash your hopes of owning a Ferrari.

As you might expect from Ferrari, it’s a beautiful car.

Beginning in front, the Portofino dons a wide smiling grill with air vents at the bottom and piercing headlights complete with daylight running lights. The classic Ferrari stallion insignia is stamped at the center of the grill.

Past the slick side lines that lead to the fender flares is a back with the memorable Ferrari beady tail lamps and pronounced back bumper that open up to house a quad-exhaust. This particular coupe features a retractable hardtop convertible design.

Ferrari adorned the launch model with a cherry red color it calls Rosso Portofino after the Italian coast city.

The Portofino’s design is a departure from past models that were designed by Pininfarina—the famous Italian design house. It’s a brand new chassis that’s lighter and stronger than its predecessor.

Under the hood lives a 3.9-liter twin-turbocharged V8 engine that produces 592 horsepower—an extra 40 over California T’s engine. Ferrari claims this will go from 0 to 60 miles per hour in 3.5 seconds and has a top speed of 199 miles per hour.

A few other under the radar improvements Ferrari included are new pistons, con rods, intake and exhaust system.

Inside, the Portofino looks like a high-end luxury car. The darkened interior features a leather-wrapped steering wheel, leather seats, gigantic center console display and aluminum trims.

But the most interesting detail you find is the additional side display that sits in front of the passenger seat. The only image we see of the side display is not detailed, we still don’t know if it’ll be a touch display the passenger can play around with, but it’s a cool addition that definitely sets the car apart.

Ferrari will officially debut the Portofino at September’s Frankfurt Motor Show.