The Ferrari 458 Challenge has just made its global public debut at the Bologna Motor Show in Italy. The 458 racer car is based heavily on Ferrari’s 458 Italia road car, but with a number of revisions, including a drop in weight, to ensure it’s a star on the track.

The Challenge uses the same 425 kW 4.5-litre V8 as the production car. But there have been changes to the gear ratios and the gearbox software to deliver more torque at lower revs.

The big changes are to do with the 458’s weight. A crash diet of carbon fibre and lexan polycarbonate, plus thinner body panels has shaved weight, but Ferrari refuses to say just how much has been saved.

The suspension has been lowered by 50 mm and now uses single-rate dampers with stiffer springs, and centre-nut 19-inch racing wheels wearing Pirelli slick tyres. To ensure adequate stopping power, Ferrari has borrowed the Brembo CCM2 carbon ceramic brakes from the 599XX. These are combined with a two-setting ABS system that can be switched for low grip or dry surfaces.

In a Ferrari first, the Challenge car adopts the E-Diff electronic differential and F1 Trac traction control systems from the road car. However, the electronics systems have been recalibrated for track use.

All in, the modifications have allowed Ferrari’s test drivers to shave 2 seconds off the F430 Challenge’s lap time at the firm’s Fiorano test track. On slick tyres, the 458 Challenge will lap the track in 1m 16.5sec, and generate lateral-G figures of up to 1.6G in the process.

Joining the Ferrari 458 Italia Challenge at the Bologna display is the F430 GTC owned by the AF Corse team. The 458 Challenge will hit circuits in 2011 as part of the Ferrari Challenge Trofeo Pirelli, which sees track-prepared F430s, 360s, F355s and 348s do battle. Next year’s season will also be extended to include a new Asia-Pacific series.

The new Ferrari 458 Italia Challenge, that is destined to race in the one-make 2011 Ferrari Challenge Trofeo Pirelli series, was revealed this week during an annual dealer meeting in Maranello, Italy. These first unofficial photos of the 458 Italia Challenge are courtesy of the always well-connected crew at Teamspeed.com.

Based on the road-going 458 Italia, the Challenge has received a number of competition-spec modifications to adapt it for track use.

Although the car’s 4,5-litre V8 makes do with the standard power output of 420 kW at 9 000 r/min, Ferrari’s engineers have recalibrated the dual-clutch F1-derived gearbox, as well as its ratios, to improve torque at lower revs.

The new 458 Italia Challenge also benefits from a modified suspension set-up with solid aluminium bushings, stiffer springs, single-rate dampers and a 30 mm reduced ride height. The Italis Challenge rides on new centre-nut 19-inch racing wheels shod in Pirelli slicks.

The 458 Italia Challenge is also equipped with the new Brembo CCM2 brakes first seen on the 599XX experimental prototype. The brakes are linked to an ABS system featuring two configurations – low grip and high performance for dry surfaces.

The 458 Challenge keeps the E-Diff electronic differential and F1-Trac traction control system employed on the road-going version of the 458 Italia.

Ferrari say that significant work has gone into reducing the car’s weight. No figures were released, but the 458′s body panels are made from lightweight materials such as carbon fibre and Lexan, while their thickness has also been reduced.

Ferrari claim the changes helped shave two seconds from the standard car’s laptime of the Fiorano test track at 1m16.5s.

First look? Well, we’d like to think so after pictures surfaced online this week of a modified Ferrari 458 Italia, leading to speculation that it could be the first glimpse of Ferrari’s 458 Italia Challenge race car.

The modified 458 pictured here, featuring aerodynamic tweaks, a plexiglass window, tow hooks and centre-locking racing wheels shod with slick tyres, was reportedly spied at Italy’s Vallelunga race track.

There has been no word from Ferrari regarding a track-ready version of its latest model, so for now it remains unclear whether the spied car is an official Ferrari project, an aftermarket prototype, or a privateer racer.

The ‘regular’ 458 is motivated by a 4,5-litre V8, developing 425 kW and 540 N.m of torque, pushing the supercar to 100 km/h in just 3.4 seconds and on to a top speed of over 325 km/h.

Last month, the Italian supercar company, offered a glimpse of its new model schedule, which includes a convertible ‘Spider’ version of the 458, a replacement for the 599, and a successor to the company’s Enzo hypercar.