I am sure you would agree with me when I say that the new Ferrari 458 Italia and Audi R8 V10 are remarkable exotic vehicles out of the box. For those who want the ultimate in performance, and beyond, they take cars like the 458 and R8 to the guys at Underground Racing. If you have any doubt about what exactly you will get out of Underground Racing’s customized twin turbo modifications, then check out the videos below of the Twin Turbo (1000+ HP) R8 V10 and (700+ HP) 458 Italia tearing up some asphalt.

Ferrari has officially released the new 458 Spider in Fiorano Modenese, Italy during a world premier event. The all-new 458 Spider features a two-piece folding hard-top and virtually the same styling from the normal 458 Italia making this one of the best looking drop-top exotics around. Ferrari just released a new World Premier Highlight video officially introducing the new Ferrari 458 Spider to the world. Check it out and the exclusive images below from our friends at eGarage who were on hand to capture photos of this new drop-top Italian stallion.

Sources: Ferrari /eGarage images credit: David Gross – eGarage.com

Fifth Gear isn’t the least bit shy about comparing some of the most popular exotic vehicles against each other and at the same time having a little fun by getting them sideways. The latest steering wheels that Tiff Needell and Jason Plato get to wrap their hands around belong to the new Ferrari 458 Italia and McLaren MP4-12C in a battle to find out which one comes out on top.

[source: Fifth Gear via Youtube]

It was only a matter of time before someone took on forced induction on the new Ferrari 458 Italia. Who other than Underground Racing to tackle the task of slapping two turbos onto the most powerful production V8 engine to wear the prancing horse emblems.

No detailed specifications have been officially released on Underground Racing’s new twin-turbo Ferrari 458 Italia project. We should obviously expect some ridiculous numbers considering the stock 4.5-liter V8 found in the 458 already puts out 562 horsepower. With the help of two turbos, we may soon witness one of the fastest Ferraris on the street. You wont have to worry about hot glue lighting a fire under your ass, Underground Racing seems to have that covered in the form of some serious horsepower. I know I can’t wait for the performance numbers and video of this beast in action!

[source: Teamspeed]

Check out an older video of Underground Racing’s twin-turbo F430 Spider with 1000 horsepower below.

We posted a video of the Ferrari 458 Challenge testing at Fiorano, Ferraris very own track, some time ago. Now, footage of this beast has been captured on the Monza race track (‘Autodromo Nazionale Monza’ located in Monza, Italy) with some real action and intoxicating sounds for your enjoyment. Check out the video below and try not to drool all over your keyboard or mobile device. Enjoy!

Reportedly Ferrari will be launching a new 458 Spider GTS with a retractable glass roof. The 458 Italia was already rumored previously to sport a soft-top but now reports have hinted towards a retracting glass top similar to the one found on the 575 Superamerica. In such a system the glass roof would slide behind the passenger compartment.

There is no doubt that we will soon see some variant of a Ferrari 458 Spider/Convertible.

[sources: Worldcarfans / images: Jon Sibal, TeamSpeed]

Reportedly Ferrari has issued recall letters to owners of the 458 Italia due to a fire risk. Lately we have seen a few instances of the Ferrari 458 Italia catching fire for an unknown reason virtually destroying the affected vehicles. You too have probably seen these horrid photos posted over the internet lately of 458’s engulfed in flames. Owners of 458 Italia’s have chimed in on the FerrariChat forum allegedly reporting that they have received a letter from Ferrari allegedly issuing a recall.

[sources: Jalopnik, FerrariChat]

UPDATE: The fires were mostly the result of glue under the rear bumper heating up from the hot exhaust and thus causing a fire. Ferrari has addressed the issue and reported that several of the ‘fire cases’ were not the fault of the driver.

A Teamspeed forum member spotted a new video of the Ferrari 458 Challenge testing at Ferrari’s Fiorano private circuit. The video below shows two different vehicles lapping the course.

The new Ferrari 458 Italia is already a great performer beating the F430 in just about every area. So we know 458 Challenge shown in the video below will offer a bit more for those who are more track focused enthusiasts. Enjoy!

[sources: Teamspeed via Auto Motor und Sport]