The 308 has a tube frame with separate body. The 308 GTB/GTS and GT4 are mechanically similar, and also share much with the original Dino. Both 308s sit on the same tube platform, however the GT4—being a 2+2—has a longer wheelbase. The engine is a V8 of a 90 degree configuration, with belt-driven twin overhead camshafts per cylinder bank. It is transversely mounted in unit with the transaxle transmission assembly, which is below and to the rear of the engine's sump. All models use a fully synchromesh[2] 5-speed "dog-leg" manual gearbox and a clutch-type limited slip differential. Suspension is all-independent, comprising double wishbones, coaxial coil springs and hydraulic dampers, and anti-roll bars on both axles; four wheel vented disc brakes are also fitted. Steering is unassisted rack and pinion.
The 308's body was designed by Pininfarina's Leonardo Fioravanti, who had been responsible for some of Ferrari's most celebrated shapes to date such as the Daytona, the Dino and the Berlinetta Boxer. The 308 used elements of these shapes to create something very much in contrast with the angular Bertone-designed GT4. GTS models featured a removable roof panel with grained satin black finish, which could be stowed in a vinyl cover behind the seats when not in use.
At the 1982 Paris Motor Show, Ferrari launched the 308 quattrovalvole, in GTB and GTS form.[8] The main change from the 308 GTBi/GTSi it succeeded were the 4-valves per cylinder—hence its name, quattrovalvole, literally "four valves" in Italian—which pushed output back up to 240hp (179kW) restoring some of the performance lost to the emission control equipment.
The new model could be recognized by the addition of a slim louvred panel in the front lid to aid radiator exhaust air exit, power operated mirrors carrying a small enamel Ferrari badge, a redesigned radiator grille with rectangular driving lights on each side, and rectangular (in place of round) side repeaters. The interior also received some minor updates, such as a satin black three spoke steering wheel with triangular centre; cloth seat centres became available as an option to the standard full leather. Available included metallic paint, a deep front spoiler, air conditioning, wider wheels, 16-inch Speedline wheels with Pirelli P7 tyres, and a satin black roof aerofoil (standard on Japanese market models).
Apart from the DOHC 32-valve cylinder heads, the V8 engine was essentially of the same design as that used in the 308 GTSi model. Total displacement was 2,927cc (2.9L; 178.6cuin), with a bore X stroke of 81mm (3.19in) X 71mm (2.80in). Output on European specification cars was 240PS (237bhp; 177kW) @ 7000 rpm and 260N⋅m (192lb⋅ft) @ 5000 rpm of torque [9], while for US specification variants were 233PS (230bhp; 171kW) @ 6800 rpm and 255N⋅m (188lb⋅ft) @ 5500 rpm of torque [10]. The gear and final drive ratios were altered to suit the revised characteristics of the 4 multivalves per cylinder engine. One other significant benefit of the QV four valve heads was the replacement of the non-QV models sodium valves which have been known to fail at the joint between the head and the stem. Bosch K-Jetronic fuel injection and Magneti Marelli Digiplex electronic ignition were carried over from the GTBi/GTSi. All US market examples were fitted with catalytic converters.