The car was one of many built as a collaboration between Ferrari and Pininfarina. It was the work of the designer Leonardo Fioravanti, who was only 29 years old at the time. The concept features many design elements which appeared on later Ferrari models.
The car was constructed on a P4 chassis and was fitted with a 3-litre V12 engine, being mid-mounted of course.
The P5 featured gull-wing doors which is unusual for a Ferrari. The car also a glass-covered mid-engine and styling that was low and curvy. Most Ferraris nowadays have a pane of glass over the engine but back in 1968, it was seen as revolutionary.