In 1991 Ferrari replaced the Testarossa with the 512 TR. In the title 5 represented the number of liters and the 12 for the number of cylinders, whilst the “TR” was an abbreviation of Testarossa (Testa Rossa). The model was produced between 1991 and 1994, when the F512M model replaced it, during which time 2261 examples were produced.

The 512 TR came with subtle exterior changes to improve aerodynamics. The alterations included a one-piece nose with rounded front grille, flush mounted lights and ducts, and a new undertray. At the rear a small kamm tail smoothed airflow.

Internally there were changes to the seats, steering wheel design and trim details. Mechanically there were numerous changes to the engine and gearbox, which boosted power, and provided a more satisfying and positive to use gearbox. Not visually apparent was that the engine and transmission assembly location in the chassis had been dropped by 30mm, to lower the center of gravity, and thus improve the already high standard of roadholding.