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The real news in electric vehicles last week was the official unveiling of the hybrid version of the Ferrari 599 GTB Fiorano (OTCPK:FIATY) (as reported by All Cars Electric). The 599 in the model name refers to the 620 horsepower 5.99 liter V-12 engine, now augmented by an electric motor, a lithium-ion battery pack and a flywheel-powered Kinetic Energy Recovery System (KERS).

The hybrid development was spurred by the cry of cash-strapped Ferrari owners trying to get a few more miles per gallon. And this Ferrari delivers -- with 11.75 miles per gallon, up from the usual 8.7 miles per gallon. The masters of Maranello strike again.

While the Tesla's Lotus Elise-inspired body might raise your heartbeat a bit, nothing induces tumescence like the Ferrari.

The unveiling will take place at the March 2010 Geneva Auto Show.

Source: Ferrari to Show Its Hybrid