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The 2001 550 is a 2-door, 2-passenger sports car, available in one trim only, the Maranello. The 2001 550's closest competitors include the Acura NSX, the Dodge Viper, and the Lotus Esprit V8.
Upon introduction, the 550 is equipped with a standard 5.5-liter, V12, 485-horsepower engine that achieves 8-mpg in the city and 13-mpg on the highway. A 6-speed manual transmission with overdrive is standard.