Virtually identical to the 348 GTB in terms of its engineering, the 348 GTS was a two-seater convertible in the classic Ferrari mode of the time and was also styled by Pininfarina. The 348 GTS had a steel and aluminium body and its removable top was stowed in a compartment behind the seats.

Its aerodynamics had been refined for use at high speeds and had been honed with particular care to avoid the usual discomforts of an open-top car.Its interior volumes and driver position were designed for maximum comfort given its sporty set-up. The seats and interior trim were a plush Connolly leather. 
The 348 GTB had a steel monocoque with differentiated tubular elements and a tubular rear sub-frame for the engine-suspension assembly. The suspension was independent unequal-length wishbones front and rear. It had coil springs over gas-filled telescopic dampers, and stabiliser bars. The steering was rack and pinion. The car also had self-venting disc brakes with ATE antiskid.
The mid-rear 3405 cc 90° V8 engine was mounted longitudinally and punched out 320 hp. It had twin overhead cams with four valves per cylinder and a Bosch M 2.7 control unit. 
The 348 GTB also had dry sump lubrication, a five-speed plus reverse transverse gearbox in unit with the self-locking differential, and a single-plate dry clutch.